Economics Unit 1

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True

• False

Which is an example of a renewable resource?

• Timber

• Windpower

• Water

• All of the above

__________ Things required to live such as food, shelter, clothing, air

• Need
• Want
• Tradeoff

____________ is actually your next best alternative or if you think like your parents what they gave up bring you to school. Everything has a cost

• Opportunity Cost
• Scarcity

• Incentive

Please complete the following sentence: ____ are people whose efforts and skills go into the production of goods and services.

• Labor

• Markets

• Economics

• Resources

All of the following are factors of production except

• Land

• Money

• Labor

• Capital

If video games are not a need, what are they?

• a wish
• a dream
• a want
• a necessity

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

What kind of resource is this?

• natural and capital resource
• natural and labor resource

• capital resource
• human and capital resource

An incentive is something that...

• you get from a junkyard
• you need when you open a bank account
• motivates you to do something
• when you are penalized on a test