Unit 1 Quiz Review

The driving force of economics is

• Supply and Demand

• Scarcity

• Needs and Wants

• Economic Systems

Copper is which factor of production?

• Land

• Labor

• Capital

• Entrepreneur

Employees being trained for their job during the first week of hiring is which factor of production?

• Land

• Labor

• Capital

• Entrepreneur

150 new programmers being hired by META is which factor of production?

• Land

• Labor

• Capital

• Entrepreneur

Levi Strauss forms the first company to manufacture blue jeans.

• Land

• Labor

• Capital

• Entrepreneur

A tangible asset that assists in the production of goods considered

• Physical capital

• human capital

An apartment to live in after college would be considered

• Need

• Want

• Luxury

The latest iphone would be considered a

• Need

• Want

• Luxury

A designer pair of sneakers would be considered a

• Need

• Want

• Luxury

A situation that involves losing the quality of value of one thing for that of another is

• Trade off

• Opportunity cost

• Instant gratification

• Consumer Sovereignty