The Big Picture of Economics

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics

• Philosophy

• Capitalism

What factor of production does this picture represent?

• Land

• Capital

• Labor

• Entrenprenour

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

• Shortage

• Opportunity Cost

• Scarcity

• Choice

It is your second choice-what you give up when you make a decision.

• Choice

• Opportunity Cost

• Scarcity

• Shortage

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

• Scarcity

• Shortage

• Surplus

• Economics

When you make a choice, you often have to give up other options...those things are called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money

• by making choices

• by stealing

• by setting a budget

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

• Labor

• Capital

• Revenue

• Land

The four factors of production.

• Machines, Money, Oil, Plastic

• money, big cars, money, diamond rings

• Land (all natural resources), Labor, Capital, Entrepreneurship

• government, legal system, currency, foreign trade