Econ Unit 1 Vocabulary Quiz

What is the term for the next best thing you gave up when you made a choice?

• Efficiency

• Opportunity Cost

• Scarcity

• Capital

What does the term 'Efficiency' refer to in economics?

• Producing at the maximum level

• Using fewer resources than what the economy is capable of using

• Unlimited needs & wants and limited resources

• An economic term which means all things found in nature

What are the Factors of Production?

• Land, Labor, Capital & Entrepreneurship

• Machines, tools, and money

• The study of how people and nations use their scarce resources

• Risk takers who form & manage a business

Who are considered as risk takers who form and manage a business?

• Labor

• Entrepreneurs

• Capitalists

• Economists

What does 'Capital' refer to in economics?

• Work performed by people

• Machines, tools, and money

• Land, Labor, and Capital

• Unlimited needs & wants and limited resources

What is the term for work performed by people?

• Labor

• Capital

• Land

• Efficiency

What does 'Land' refer to in economics?

• Machines, tools, and money

• An economic term which means all things found in nature

• The study of how people and nations use their scarce resources

• Producing at the maximum level

What is the term for unlimited needs & wants and limited resources?

• Efficiency

• Scarcity

• Capital

• Labor

What does 'Economics' study?

• The study of how people and nations use their scarce resources

• Producing at the maximum level

• Using fewer resources than what the economy is capable of using

• Machines, tools, and money

What are 'Production Possibilities'?

• All the combinations of goods & services that can be produced from a fixed amount of resources

• As production switches from one item to another, more & more resources are needed to increase production of the second item

• Producing at the maximum level

• Using fewer resources than what the economy is capable of using