Economics Topic 1

Which of the following terms is the reason why we can't have everything we want or do everything we want?

• Shortage

• Opportunity Cost

• Scarcity

• Choice

It is your second choice-what you give up when you make a decision.

• Choice

• Opportunity Cost

• Scarcity

• Shortage

The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.

• Labor

• Land

• Capital

• Entrepreneurship

Goods made by people to be used specifically to produce goods and services: Tools, office equipment, roads, factories, etc.

• Labor

• Land

• Entrepreneurship

• Capital

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

• Human resources or Labor

• Land

• Capital

• Entrepreneurship

This is basically the ideas that go into the process of creating a good or providing a service.

• Capital

• Entrepreneurship

• Land

• Labor

An unemployed factory worker is under what factor of production?

• Labor

• Capital

• Natural resource

• Land

The library building on your campus is under what factor of production?

• Labor

• Capital

• Land

• Entrepreneurial Skills

The local power plant is under what factor production?

• Labor or Human resources

• Capital

• Land

• Entrepreneurship

Opportunity Cost is 

• The alternatives you didn't choose
• The second best alternative 
• The negative aspects of an action
• The choice you made