
Basic Economic Concepts
Authored by John Robinson
Social Studies
12th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which factor of production would you consider a lawn mower?
Land
Labor
Capital
Entrepreneur
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Machinery
Land
Labor
Physical capital
Human capital
Entrepreneurship
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
Consumer Sovereignty
Economics
Opportunity Cost
Competition
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The condition that results from society not having enough resources to produce all the things people would like to have
Scarcity
Opportunity Cost
Economics
Private Property
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A way of expressing a need -i.e, Need: Food; Want: Pizza
Want
Capital
Entrepreneur
Economics
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The tools, equipment, machinery, and factories used in the production of goods and services
Capital
Tools
Durable Goods
Consumer Goods
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