Economy Basics

Everything that is produced has a cost. This is an example of

• Scarcity

• TINSTAAFL

• Production

• Factors of Production

Check all that are factors of production.

• Land

• Finance

• Capital

• Labor

• Weather

Which person would be considered an entrepreneur?

• Employee at Wal-Mart

• Railroad worker

• Car salesman

• Owner of a restaurant

Which is not a basic economic question?

• What to produce

• Where to produce

• How to produce

• For whom to produce

This is an example of the

• Flow of the United States

• Circular flow business activity

• Circular flow of economic activity

• Flow of money

If the economy slows down in the United States, it could also affect the economy of other countries. This is an example of...

• Economic outerdependence

• Economic interdependence

• Economic slowdown

• Economic codependency

Which one is an economic decision?

• Starting a bank account

• Buying groceries

• Filling your fuel tank up

• Buying stock

• All the above

What is the primary function of money in an economy?

• Medium of exchange

• Store of value

• Unit of account

• All of the above

Which of the following is considered a renewable resource in economics?

• Coal

• Oil

• Solar energy

• Natural gas

What does GDP stand for in economic terms?

• Gross Domestic Product

• General Domestic Product

• Gross Development Product

• General Development Product