Basic Economic Concepts (4 Factors and Econ. Sys)

What are the four "Factors of Production"?

(Choose all that apply)

• Entrepreneurship

• Labor

• Economy

• Land

• Capital

An "Opportunity Cost" is:

• the value of the next-highest-valued alternative use of that resource.
• the daily processes and people needed for the business to function in a manner that satisfies customers.
• the amount you charge customers for your goods or services.
• a type of competitive analysis focusing on strengths, weaknesses, opportunities, and threats.

One definition of "Economics" is:

• The quality of bringing satisfaction or happiness.
• the daily processes and people needed for the business to function in a manner that satisfies customers.
• Economics is the study of how society uses its limited resources.

• The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.

"Scarcity" is

• The quality of bringing satisfaction or happiness.
• the demand for a good or service is greater than the availability of the good or service.
• the study of choice, given the scarcity of time and money
• The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.

"The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things" is known as:

• Entreprenuership
• Land
• Labor
• Capital
• Goods

"Anything that satisfies a person’s wants or brings satisfaction" are called

"Tasks that people pay others to perform for them" are called

The 3 Economic Questions are:

• What will be produced?
• How will it be produced?
• How will the output society produces be distributed?
• What is the Marginal Benefit to the country?
• How much will it cost?

"All the natural resources found in nature" is known as:

• Land
• Labor
• Capital
• Entrepreneurship
• Goods

"The physical AND mental talents that people contribute to the production of goods and services." is known as:

• Labor
• Land
• Capital
• Entrepreneurship
• Goods