Economics Final Exam

Scarcity makes businesses think about certain factors, those factors are ________, __________, and ___________.

• Gross, Wealth, Gain

• Utility, Service, Good

• What to produce, How to produce, For whom to produce

• Want, Need, Value

_____ is the social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources.

What are the four factors of production?

• Land, labor, capital, and entrepreneurs.

• Pay, benefits, care, and services.

• Travel, vendors, popularity, and market.

• Visual, logical, physical, and dimensional.

What would happen if one of the factors of production were missing?

What are the consumer rights?

• Right to vote, right to speak, and right to leave

• Right to use, right to work, and right to change

• Right to fight, right to learn possibilities, and right to identify

• Right to safety, right to be informed, and right to choose

The term labor means all the abilities and skills of people in a society.

• True

• False

What role does specialization play on the productivity of an economy?

• Improves productivity

• Improves market

• Improves interdependence

• Improves capital

How does cost benefit analysis help make economic decisions?

• Useful if you are unsure of the exact amount of an activity you want to experience.

• It’s a way of comparing the benefits of an action to the expected costs.

• Improves efficiency, productivity, of the factors of production results in market growth.

• It will help you make better economic choices.

Car: Goods or Services?

• Good

• Service

Doctor: Goods or Services?

• Good

• Service