2022-23 SSEF1

The Coca Cola factory is considered what factor of production?

• Land

• Labor

• Capital

• Entrepreneur

What is opportunity cost?

• the next best alternative (option)

• there is not enough of it.

• things people make to earn money.

• actions people do to earn money.

Choices often have to be made because productive resources are limited while wants and needs are unlimited. This situation is known as

• surplus

• budgeting

• borrowing

• scarcity

Lottery, competition, price, majority rule, and first-come-first-serve are all methods

• commonly used to

  improve productivity

• allocate scarce resources

• invest in education and technology

• collect taxes

In the production of chocolate chip cookies, which represents capital?

• the oven used to bake the cookies

• the sugar used to bake the cookies

• the retailer who sells the cookies

• the worker who decorates the cookies

ALL alternatives given up when making a decision.

• Scarcity

• Opportunity Cost

• Trade Offs

• Rational Decision Making

Marco must choose between buying a Play Station 4 and the Xbox X. He chose the Place Station 4. What is his opportunity cost?

• Play Station 4

• Xbox X

• The Play Station 4 and the Xbox X

• There is no opportunity cost

The factors of production (land, labor, capital, and entrepreneurship) are also known as this:

• Trade Offs

• Environmental Resources

• Natural Resources

• Productive Resources

What is an example of LAND (natural resource)?

• Cows, Iron, trees

• Hammer, saw, a factory

• A business owner

• A construction worker

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Houses

• Desires