Fundamentals of Economics

____ is the study of how individuals, businesses and governments organize their limited resources to get the products and services they want.

• History

• Government

• Economics

• Sociology

Which of the following is NOT one of the factors of production?

• capital

• land

• incentives

• labor

The idea that we have unlimited wants but limited resources is called...

• entrepreneurship

• investments

• economics

• scarcity

A non-tangible action or activity that is performed for someone else is a ....

• good

• service

Business owners who organize the factors of production, invest resources in ventures and are willing to take risks in order to make profit are called _____.

• entrepreneurs

• economists

• teachers

• businessmen

_______ includes the tools, equipment and factories used in production.

• labor

• entrepreneurship

• capital

• goods

_______ are required to produce goods and services.

• alternatives

• investments

• resources

• incentives

A physical, touchable product is called a ____.

• good

• service

Which factor of production would be considered land

• Coal

• Factory

• Money

• Tractor

In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of

• scarcity

• specialization

• elastic demand

• progressive taxation