What is Economics?

Which of the following is an example of human capital?

• Education and skills

• Raw materials

• Land

• Machinery

What is the role of capital in production?

• To provide labor

• To offer natural resources

• To supply tools and machinery

• To innovate

Which of the following is a factor of production?

• Technology

• Labor

• Transportation

• Marketing

What is the definition of a 'need' in economics?

• Something essential for survival

• Something desired for luxury

• Something that is produced

• Something that can be traded

What is land?

• A place to farm

• All the natural resources used to make goods

• A necessary resourec

• Third factor of production

What is the role of technology in production?

• To enhance efficiency

• To supply capital

• To provide labor

• To offer natural resources

What is an example of a service?

• Mining

• Carpentry

• Banking

• Farming

Scarcity

• Having a limited number of an item

• Being afraid

• Action

• Physical items

What is an example of Capital?

• Money

• Tools

• Factories

• all of the above

What is the primary function of natural resources in production?

• To provide labor

• To offer financial capital

• To supply raw materials

• To innovate