econ unit 1 quiz Hartley, Anothny, Darak

Definition of opportunity cost?

• work less and gain more money, and bosting total Net Worth

• Given up time for money

• Neither

• All the above

What is Economics?

• The branch of knowledge concerned with the production, consumption, and transfer of wealth

• How the human body works

• American history

• None of the above

What is scarcity

• Potential war with the Hamas

• The fear in people

• Humans have unlimited wants and needs but there is a limited resource

• America being in debt

Name the 4 factors of production

• Land, Labor, Power and Entreprenuer

• Land, Military, Capital and Money

• Capital, Labor, Money and Machines

• Land, Capital, Labor and Entrepreneur

Who was Adam Smith?

• Lead American troops into D-Day

• One of founding father

• The Father of Economics

• The Father of Constitution

What are the two types of Economy?

• None of the above

• Capitalism and Socialism

• Dictatorship and Democracy

• Democracy and Monarchy

Definition of Shortage

• bill Clinton

• lack of goods

• a large amount of product

• A situation in which consumers want more of a good than producers are willing to make at price

what is trade off

• none of the above

• not having to pay taxes

• you get a lot of money and everyone else gets nothing

• a sacrifice that must be made to get a certain product

what is goods

• non-physical objects that no one makes

• monopoly money

• physical objects that someone produces

• made up money system that cant be used

who teaches gov and econ

• Nick Saban

• mrs.Reed

• Donald trump

• Coach Gib