Economic Principles Quiz

Things used to make something

• Factors of Production

• Quantity

• Demand

• Labor

The man-made factor of production that is used by labor (workforce) in making other products (objects)

• Capital

• Natural Resources

• Labor

• Entrepreneurship

Resources found in nature that go into the production of a good/service (water, air, land, minerals)

• Natural Resources

• Capital

• Labor

• Entrepreneurship

Any form of human efforts exerted (performed) in production (People)

• Labor

• Capital

• Entrepreneurship

• Natural Resources

 The individual(s) responsible for combining all of the factors of production and assume the most risk. (Person(s))

ex. Sharks on Shark Tank

• Entrepreneurship

• Capital

• Labor

• Natural Resources

An economy in which there are many buyers and sellers of the same good or service.

• Competitive Market

• Supply

• Demand

• Quantity

The amount of a resource that firms and producers are willing and able to provide to the marketplace or to an individual.

• Supply

• Demand

• Quantity

• Competitive Market

The quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Demand

• Supply

• Competitive Market

• Quantity

The amount or number of a given product or service

• Quantity

• Labor

• Competitive Market

• Demand

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. 

• Cost

• Benefit

• Cost-Benefit Analysis