Econ. 1.1 1.2 ACC.

While the wants and needs of consumers are unlimited, productive resources are limited, forcing consumers and producers to make choices. This concept is known as

• Borrowing

• Surplus

• Scarcity

• budgeting

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DOK 1

What are the factors of production?

• Land, labor, capital, entrepreneurship

• Land, needs, wants, capitals

• Rent, wages, interest, profit

• Land, labor, scarcity, entrepreneurship

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DOK 1

George decides to go back to school to earn an advanced degree. Which productive resource is most directly affected by George’s decision?

• Entrepreneurship

• Human capital

• Natural resources

• Physical capital

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DOK 2

People’s education, skills/abilities, health, and motivation are all part of _________ capital.

• Physical

• Natural

• Financial

• Human

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DOK 1

Which topic would a macroeconomist most likely study?

• Supply and demand

• Production costs

• Inflation

• Labor markets

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DOK 2

Which description below best describes the relationship between opportunity costs and trade-offs?

• Trade-offs are the opposite of an opportunity cost.

• Trade-offs decrease the opportunity cost of any decision.

• Opportunity costs occur when trade-offs are made.

• The opportunity costs of and trade-off is constant.

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DOK 2

When one choice is made over another, the next best use of time, money, and/or resources is called a/an

• rational decision

• opportunity cost

• favorable outcome

• efficient outcome

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DOK 1

In order to classify a decision as rational,

• the decision is lawful.

• the marginal cost outweighs the marginal benefit.

• the producer makes a profit.

• the marginal benefit outweighs the marginal cost.

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DOK 2