Unit 1 & 2 - Review

Choose the factors of production

• Natural Resources (Land)

• Capital Resources (Capital)

• Entrepreneurship

• Human Resources (Labor)

Which factor of production includes the machinery used in production?

• Land

• Labor

• Capital

• Entrepreneurship

Which of the following factors is included in land?

• Workers

• Skills and education of workers

• Machinery

• Water

Which of the following is included in the factors of production for Labor?

• Water

• Workers

• Skills/Education of Workers

• Machinery

Which model is used for decision-making?

Which of the following is an individual who purchases goods and services for his or her own use?

• Producer

• Consumer

• Government

These people create and supply goods and services

• Producers

• Consumers

• Government

This is something you cannot live without

What is the value of the next best alternative in a decision?

• Scarcity

• Opportunity Cost

• Trade-off

• Dollars

What is the condition of not being able to have all the goods or services one might want or need?

• Scarcity

• Opportunity Cost

• Trade-off

• Economics