Work-Force Concepts Final Study Guide

Name

True or False: Government Regulatory Agencies are made for the government to control everything.

• True
• False

True or False: Wage Discrimination exists.

• True
• False

The value/representation of a person's labor

• Money
• Demand
• Supply
• Wages

The FDA, EPA, OSHA, and other agencies are how the U.S government:

• Regulates Taxes
• Monitors Workplace Profits
• Protects Consumers
• Reduces Unemployment

What are the Factors of Production?

• Nature, Skills, Ideas, Tools
• Natural Resources, Labor, Mogul Moves, Capital
• Air, Workers, Capital, Entrepreneurship
• Natural Resources, Labor, Capital, Entrepreneurship

Which of these is NOT Capital?

• A hammer for a construction worker
• A marker for a teacher
• An artist's experience
• A spatula for a chef

Which person's labor is the most valuable to a restaurant?

• A person with 10 years of teaching experience
• A person with 25 years of construction work experience
• A person with 5 years of cooking experience
• A person with 8 years of waste management experience

The price of Dr. Pepper Zero increases. The Dr. Pepper Zero factories make more of it representing which Economic concept?

• Law of Pepper
• Law of Demand
• Law of Supply
• Law of Shifters

Raspberry Arizona Iced Tea is scientifically proven to make you better at History class, making the price go up. As the price goes up, less people buy it. What economic concept does this represent?

• Law of Supply
• Law of Tea
• Law of Demand
• Law of Shifters