Assessment #1 Reveiw

The resources used to make all goods & services are called

• Natural Resources

• Factors of Production

• Goods & Services

• Renewable Resources

Any technology/machinery involved in the production process (human-made objects that help us produce other goods):

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

An action that one provides for someone else is a.... (hint: haircuts, counseling, or babysitting)

• Job

• Good

• Service

• Factor of Production

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True
• False

In Economics terms, what is the "opportunity cost" of choosing when you are faced with a decision?

• All the possible alternatives other than what you chose.

• It is the cost of choosing - what you had to "give up" in order to get the thing you chose

• The price of the item.

• What you earn when you take a chance.

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.