9 Weeks Test Study Guide, Economics

What are the four factors of production?

• land, labor, capital, and entrepreneurship

• taxes, government, rights, and regulations

What is scarcity?

• scars on the earth's surface

• limited resources, unlimited wants

• unlimited resources, limited wants

• none of the above

What is opportunity cost?

• the price of opportunity

• the price of being rich

• what you give up after making a decision

What does the saying "no free lunch" mean?

• everything costs somehting

• people are mean

• no one pays for other people to eat

How does every society answer the question of "What to produce?"

• more efficiency=more productivity

• the resources that society has

• division and distribution systems

How does every society answer the question "How will it be produced?"

• more efficiency=more productivity

• the resources that society has

• division and distribution systems

How does every society answer the question "Who to produce for?"

• more efficiency=more productivity

• the resources that society has

• division and distribution systems

In a market economy, the real power in the marketplace is held by the....

• supplier

• consumer

• government

With capitalism, the allocation of goods and resources is determined by...

• consumers

• market forces

• suppliers

• supply/demand

What is property?

• everything an individual owns and the labor they provide

• money that people have

• market products