Economics Review

"Any resource provided by nature that is used to make a product or to offer a service."

• Land

• Labor

• Capital

• Enterprenuership

"Workers paid to help produce a good or service, whether or not they work directly for the business making it."

• Land

• Labor

• Capital

• Enterprenuership

"The process of bringing together the other three factors of production, in order to make a product or to offer a service (by creating and/or running a business)."

• Land

• Labor

• Capital

• Enterprenuership

"The human-created machines, tools and buildings used by a business / organization to make or transport products, or to provide services."

• Land

• Labor

• Capital

• Enterprenuership

When there are UNLIMITED wants but LIMITED resources, it creates:

• Capital

• Economics

• Opportunity Costs

• Scarcity

The ___ is the name for the NEXT best thing you gave up to get the thing you have.

• Opportunity Cost

• Scarcity

• Factor of Production

• Economy

Which point on the diagram best illustrates the concept of "inefficiency"?

• A

• B

• D

• X

Which point on the diagram best illustrates the concept of "scarcity" limiting production possibilities?

• A

• B

• D

• X

Which point on the diagram best illustrates the concept of "efficient" production?

• A

• B

• X

According to the law of demand, when the price of a product increases.....

• ....the quantity demanded increases

• ....the quantity demanded decreases