Economics

When you lack enough resources to make products that the consumer desires.

• Opportunity Cost

• Producer

• Consumer

• Scarcity

The person who is selling the product in the marketplace.

• Opportunity Cost

• Producer

• Consumer

• Budget

What is a free-market economy?

• A system driven by private ownership of property & resources, competition, and profit motive. Consumer is king.

• A system run with central ownership (usually by government) of property and resources. The consumer gets what the government offers.

• Individuals and businesses are owners and decision makers for the private sector while the government is owner and decision maker for the public sector.

• A system based on custom and historical precedent.

What are the resources called that are needed to produce a good or service?

• Goods and services.

• Needs and wants.

• Factors of production.

• All of the above.

What is labor?

• Hard Work

• People who only do the physical work.

• People who do the work to produce something.

• None of the above.

What is entrepreneurship?

• Shipping of products and services.

• Starting or improving a business.

• Improving needs and wants.

• All of the above.

Which one of the four factors of production does the image show?

• Entrepreneur

• Capital

• Natural Resources

• Labor

Which one of the four factors of production does the picture show?

• Labor

• Natural Resources

• Capital

• Entrepreneur

_________ is the amount of people in a country who can read and write

• Standard of Living

• Gross Domestic Product

• Literacy Rate

• GDP per Capital

If a country has a high literacy rate, then it will usually have a high standard of living.

• True

• False