AS Economics - Intro to course quiz

A way of considering economic activities in terms of their impact on future welfare and resources = ???

• Poverty

• Equity

• Efficiency

• Sustainibility

• Capital

The cost of passing up the next best choice when making a decision

• Fortuity cost

• Opportunity cost

• Chance cost

• Fortuity cost

Not having sufficient resources to produce enough to fulfill unlimited wants

• Scarcity

• Abundance

• Famine

• Wealth

The resources of land, labour, capital and enterprise

• Factors of creation

• Factors of production

• Factors of manufacturing

• Factors of construction

The difference between revenue less costs

• Assets

• Cash

• Profit

• Liabilities

____is defined as any human input to an economic venture

• Entrepreneur

• Capital

• Land

• Labour

_____ refers to the equipment and other manmade assets used to start, grow and continue a business venture, such as computers or heavy manufacturing machinery.

• Cash

• Continent

• Capital

• Depreciation

Someone who is able and willing to work but cannot find a job

• Entrepreneur

• Employment

• Unemployment

• Socialism

Factors of production is an economic term that describes the _____ used in the production of goods or services to make an economic profit.

• inputs

• outputs

• cash

• supply

The factors of production are ____, labour, capital, and entrepreneurship

• finance

• agriculture

• minerals

• land