Think like an Economist

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

• Proprieter
• Partner
• Entrepreneur
• Incorporater

A profit-seeker who develops new product or process and assumes the risk of profit or loss.

• Profiteer

• Entrepreneur

• Salesman

• Venture Capitalist

The 4 factors of production are ​ (a)   ​ (b)   ​ (c)   ​ (d)  

• Land
• Labor
• Captial
• Entrepreneur
• Goods
• Factories
• Tools
• People

What are the three economic questions?

• What to produce? How to produce? For whom to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

Which of the following is human capital?

• A medical degree

• An x-ray machine

• 25+ years of experience as a helicopter mechanic

• A calculator

• Ability to type 55+ words per minute

An Entrepreneur is a person who takes a risk to...

• get famous

• earn a profit

• create a product

• find what they are looking for in life

The ​ (a)   invests money into machines known as ​ (b)   and hires workers known as ​ (c)   to bring the raw materials known as ​ (d)   together to produce goods and services

• entrepreneur
• capital
• labor
• land
• money

The broad category of human efforts, both physical and mental, used to produce goods and services.

• Productive Resource

• Capital Resource

• Trade-Off

• Human resource