Section 1 Biz

A _____ is something that is essential for survival.

A _____ is something that is nice to have but is not essential for surviving.

Which of these options is considered a need?

• Socks

• Wallet

• Necklace

• Phone

Which of these is considered a want?

• Socks

• Shelter

• Milk

• Car

__________ is when there is a limited amount of resources and an unlimited amount of wants.

LeeRoy Jenkins bursts into a room so that he can play video games faster. What is his opportunity cost?

• Walking

• The wall he broke

• The video game he is playing

• His mom's anger

Which of the following are factors of production?

• Capital

• Theories

• Entrepreneurship

• Land

• Labor

Which one is an example of capital?

• Milk

• Milking machine

• Farmer

• Formula of milk

Which of the following is considered to be entrepreneurship?

• Cocoa bean

• Chocolate

• An oven

• The recipe for chocolate

Which of the following is considered to be land?

• Ore

• Pick axe

• A sword's blueprint

• A miner