G11: Basic Econ Ideas and Resource Allocation

What is the term for the materials that are used in the production process?

• resources

• outsources

• just materials

• buildings

What is the fundamental problem from which all other problems arise?

• scarcity

• opportunity cost

• production process

• consumption process

Which 3 of the following are considered economic agents?

• consumers

• producers

• governments

• military

Which 3 of the following are considered factors of production?

• land

• labor

• capital

• bacteria

Which of the following are factors of production? Select 3.

• Entrepreneur

• Workers

• Money

• Sewage water

What is the reward for owning land?

• income generated from the land

• lots of soil from the land

• trees will grow that you can use as shade from the sun's heat

• drinkable water from the river

What is the reward to labor?

• salary

• mental satisfaction

• spiritual growth

• praises from bosses

What is the reward to capital?

• rate of return earned

• support from teammates

• smiles from people around you

• a pat on the back by a superior

What are 2 functions of the entrepreneur?

• organizes the other factors of production

• takes risks in the hope of getting high rewards

• works as the other ordinary workers

• documents workers by video or picture taking

What is consumption?

• individuals using up goods and services

• individuals creating goods and services

• individuals holding up goods and services

• individuals selling goods and services