Econ - Unit-01 - BC

The condition of scarcity can be described as one that

• afflicts only poor people and nations

• exists when our unlimited needs/wants exceed our limited resources

• exists when our limited resources exceed our unlimited needs/wants

• only applies to luxury items

The 4 Factors of Production (FOP) are

• rent for land, wages for labor, profit for capital, interest for entrepreneurship

• land, labor, capital, entrepreneurship

• land, labor, physical capital, financial capital

• land, labor, resources, profits

Risk takers who combine land, labor and capital to create new products

• Entrepreneurs

• Land Resources

• Labor Resources

• Capital Resources

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?

• money

• job

• time

• college

People who apply their efforts, abilities and skills

• Labor Resources

• Land Resources

• Capital Resources

• Entrepreneurs

The government determines what to produce, how to produce, and for whom to produce

• Command Economies

• Traditional Economies

• Capitalist Economies

• Socialist Economies

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

Vegetation, animals, minerals, air, water, climate

• Land Resources

• Labor Resources

• Capital Resources

• Entrepreneurs

Which of these is NOT a Fundamental Question in each Society

• What to consume?

• What to produce?

• How to produce?

• For whom to produce?