Econ Exit Ticket 3/2

The BEST explanation of why there will always be scarcity is because

•  People and their tools are inefficient
• Governments create scarcity to keep people wanting more
•  While people's' wants are unlimited, resources are limited

The four factors of production are land, capital, labor, and financing

• True
• False

Materials used by humans such as water, forests, animals, fuel, etc.

• Labor

• Wants

• Needs

• Natural Resources

When a company controls all the production of a good or service. - No competition

• Scarcity

• Profit

• Monopoly

• Entrepreneur

Money invested in a business; property and equipment used to produce a good or service

• Labor

• Needs

• Profit

• Capital

The income a business has left after paying its expenses

• Capital

• Labor

• Profit

• Capitalism

Which of the following is an INCENTIVE?

• Wages for labor at a construction job sit

• Passing a certification exam as a job requirement

• Buying a candy bar during break

• A college receiving monetary bonuses for a high graduation rate

Economic decision to use one more additional unit of a resource

• Thinking at the Margin

• Incentives Matter

• Trade Makes People Better Off

• Future Consequences Count

I only have an hour of free time today. If I study, I can't see my friends.

• Costs versus Benefits

• Thinking at the margin

• Incentives Matter

• Future Consequences Count

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

• Costs versus Benefits
• Scarcity Forces Tradeoffs
• Incentives Matter
• Future Consequences Count