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ECON Unit 1 Exam 1, VOCABULARY (SSEF 1-6) Modified

Authored by Garrett Kersey

Social Studies

12th Grade

Used 2+ times

ECON Unit 1 Exam 1, VOCABULARY (SSEF 1-6) Modified
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44 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, Labor, __________, and Entrepreneurship are the 4 Factors of Production.

Capital

Technology

Currency

Transport

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________ resources are the physical and mental efforts of human workers.

Labor

Capital

Land

Entrepreneurship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ is the tools, machines, and other equipment that a business needs.

Physical Capital

Human Resources

Intellectual Property

Financial Assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________, also known as products, are usually food, clothing, houses, furniture, cars, and computers.

Goods

Services

Resources

Needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________ is what you give up by making a decision. It is what you could have had.

Opportunity Cost

Marginal Benefit

Sunk Cost

Fixed Cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ are all the things people use to make products like food, clothing, houses, furniture, cars, and computers.

Resources

Activities

Locations

Events

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Productive Resources are the things that people need to make and sell products. They are also known as the _______________.

Factors of Production

Means of Consumption

Sources of Entertainment

Agents of Distribution

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