Quiz 1 Review

The condition of scarcity can be described as one that

• afflicts only poor people and nations

• exists when our unlimited needs/wants exceed our limited resources

• exists when our limited resources exceed our unlimited needs/wants

• only applies to luxury items

The 4 Factors of Production (FOP) are

• rent for land, wages for labor, profit for capital, interest for entrepreneurship

• land, labor, capital, entrepreneurship

• land, labor, physical capital, financial capital

• land, labor, resources, profits

The crops and animals on a farm are examples of which factor of production?

• Land

• Labor

• Capital

• Entrepreneurship

__________ is the fundamental, universal, and perpetual economic problem that no one is immune to.

• price floors/price ceilings

• Scarcity

• Shortage

• the study of microeconomics

3 types of capital

• human capital, financial capital, entrepreneurial capital

• capital city, capital state, capital letteres

• physical capital, financial capital, human capital

• physical capital, working capital, entrepreneurial capital

Resources such as tools, machinery, and money used in the production process -

• Human

• Capital

• Entrepreneurship

People who proved the labor in exchange for income -

• Human Resources

• Entrepreneurship Resources

The inability to satisfy all wants at the same time -

• producer

• consumer

• scarcity

• supply

Someone who provides a good or service is a -

• consumer

• producer

Someone who purchases goods and services -

• consumer

• producer

• demand