Econ halfway review

What is economics?

• The study of the stock market

• The study of how people choose to use limited resources
• The study of governments and citizens
• The study of the past

The problem of unlimited desires and limited resources is the problem of

• wants

• marginal benefit

• scarcity

• free enterprise

Natural Resources includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur

What kind of resource is this?

• natural and capital resource
• natural resource
• capital resource
• human resource

Bill Gates is an example of...

• Land

• Labor

• An Entrepreneurs

• Capital

What does Per Capita Mean?

• Per Household

• Per Object

• Per Worker

• Per Person