Econ 2.2 Factors of Production

What is another term for "Economic Resources"?

• scarcity

• opportunity cost

• factors of production

• trade industry

Which of the following statements regarding economic resources is true:

• Industrialized nations typically require fewer capital goods than developing countries.

• Natural resources, human resources, and capital goods are called Factors of Production.

• As businesses grow and become more complex, they require fewer resources.

When producers use the best combination of resources, consumers are more likely to get goods and services that

• are popular

• cost more

• they want

• they do not need

Using Barren River to supply water for crops is an example of using

• human resources

• natural resources

• capital goods

• economics

A salesclerk working part-time at GameStop is an example of a(n)

• capital goods

• human resources

• natural resources

• nonrenewable resources

Which of the following factors of production helps people to be more productive?

• capital goods

• human resources

• noneconomic wants

• nonrenewable resources

The grill and stove used at the restaurant Montana Grill are:

• capital goods

• human resources

• noneconomic wants

• natural resources

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is

• limited

• unlimited

• human

• natural

Weather conditions can most directly affect the supply of

• noneconomic resources

• capital goods

• natural resources

• human resources

Which of the following occurs when the supply of individuals who are able and willing to work diminishes

• Human resources become limited.

• Capital goods become limited.

• Human resources become unlimited.

• Capital goods become unlimited.