
ECON Unit 1 Exam 1, VOCABULARY (SSEF 1-6) Modified
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Garrett Kersey
Used 2+ times
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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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