Chapter 1 BASIC OF ECONOMICS

Which of the following shows that when people use something, it doesn't affect how much others can use it?

• Equipment

• Oil

• Information

• Worker

A person who uses a new idea to bring out a product or service to the marketplace is known as:

• Entrepreneur

• A labor

• A manager

• A delivery man

A person who purchases a good or service

• consumer

• supply

• good

• demand

Extras that make life more enjoyable

• want

• need

• scarcity

• savings

How much of a good or service consumers want

• demand

• spending

• scarcity

• opportunity cost

The highest-valued alternative that must be given up when you make a choice.

• Scarcity

• Opportunity cost

• Factors of Production

• Innovation

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Market Economy

• Profit

• Economics

• Factors of Production

Which of the following is an example of an investment in human capital?

• A company builds a new factory

• A city puts in a new highway

• A person goes to college

• A country builds new schools

Man-made resources used in the production process i.e. machines in a factory.

• Labor

• Capital

• Land

• tax

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market

• Scarcity

• Free Goods

• Economic Goods