Economics Review 2023

A factor of production that includes all natural resources.

• land

• labor

• surplus

What are the resources needed for a business to function?

• scarcity

• surplus

• factors of production

Which term describes the workers needed to complete a job?

• land

• labor

• capital

Which is NOT one of the fundamental economic questions?

• What to produce

• How to produce it

• Who to produce it for

• Where am I going to make it

The tools needed to complete a job.

• surplus

• scarcity

• capital

Someone who starts their own business.

• labor

• entrepreneur

• capital

All businesses related to the same type of product.

• industry

• land

• factors of production

When things are scarce they are...

• limited

• unlimited

An excess amount of something. More than you need.

• surplus

• scarcity

• land

This economy is based on customs and beliefs.

• traditional

• market

• command

• mixed