Entrepreneurship & Economics

The amount of a good or service that is wanted is called:

• supply
• demand
• equilibrium
• inflation

The amount of a good or service provided is called:

• supply
• demand
• equilibrium
• inflation

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production

• Market Economy

• Profit

• Economics

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

• Labor

• Capital

• Revenue

Name for the risk-taking businessmen who start businesses and are one of the factors of production.

• Land

• Labor

• Capital

• Entrepreneurship

What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired

• Work
• Money
• Sleep
• Time

What is the best example of scarcity

• The restuarant is not crowded tonight 
• The school parking lot only has 150 spaces but 200 students want to park there
• There are 500 houses in the subdivision and 250 of them are occupied
• A person decided to dye her hair blonde instead of red

What factor of production does this picture represent?

• Land
• Capital
• Labor
• Entrenprenour

The basic problem of economics that develops because humans have unlimited wants but limited resources.

• Absolute Advantage
• Economics
• Scarcity
• Comparative Advantage

The factor of production that includes the physical land and resources that come directly from the earth.

• Land
• Labor
• Capital
• Entrepreneurship