Econ 12: Terms Review

Land includes...

• "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Physical capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people who complete work for payment.

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

A bulldozer is an example of...

• Land

• Labor

• Entrepreneurs

• Physical Capital

Your garbage collector is an example of

• Land

• Labor

• Entrepreneurs

• Physical Capital

A steel factory is an example of

• Land

• Labor

• Entrepreneurs

• Physical Capital

What are the three essential questions economics must answer to address scarcity?

CHECK ALL THAT APPLY

• HOW to produce

• FOR WHOM to produce

• WHAT to produce

• WHEN to produce

• WHY to produce

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources