Unit 1 Intro to Econ

The idea that humans have unlimited wants but limited resources is best highlighted by which term?

• Utility

• Scarcity

• Margins

• Wants

A new basketball is an example of what?

• Service

• Good

• Utility

• Need

Going to the dentist is an example of what?

• Service

• Good

• Utility

• Want

Which of the following is NOT a factor of production?

• Land

• Labor

• Capital

• Revenue

Which of the following is NOT one of the 3 economic questions?

• What to produce?

• How to produce?

• For whom to produce it for?

• When to produce?

You going to work on the weekend is an example of what factor of production?

• Land

• Labor

• Capital

• Entrepreneurship

Oil is an example of what factor of production?

• Land

• Labor

• Entrepreneurship

• Capital

Which of the following factors of production is the new oven you bought for your pizzeria?

• Land

• Labor

• Capital

• Entrepreneurship

A river is an example of what factor of production?

• Land

• Labor

• Capital

• Entrepreneurship

The person who organizes all the factors of production, sometimes referred to as the "brains" of the operation.

• Land

• Labor

• Capital

• Entrepreneurship