WorksheetsScarcity
Total questions: 40
Worksheet time: 13mins
Specialization and trade ---.
can increase the quantity and lower the price of goods and services without any necessary improvement in technology
leads to increased prices and lower production
always leads to bankruptcy with a sale of all of the corporation's assets
all of these
These are the factors of production --4--
entrepreneurship
land (resources)
capital (money, borrowed money, machines, structures, market position)
labor, either contracted or direct employment
marketing plans
Labor services are ---
owned
rented
Using backward imputation. The land of the Champagne region of France has value because ---
Champagne has value
it is valuable
real estate always has value
Thomas Sowell
Walter Williams
F.A. Hayek
Hermando de Soto Polar
Hernando de Soto Polar
F.A. Hayek
Thomas Sowell
Walter Williams
F.A. Hayek
Walter Williams
Thomas Sowell
Hernand de Soto Polar
Walter Williams
Hernando de Soto Polar
Thomas Sowell
Milton Friedman
vision, responsibility, decision maker, connections, special knowledge, extra effort, tenacity, innovation, organizational skills, sensitive to consumer demands, commitment
these are entrepreneurial quality brought to production of goods, sales, and providing services
these are common labor values brought to production and every worked test so far has all of them
You must give up something to get it
shortage
scarcity
You just cannot get it
shortage
scarcity
Trade is made of ---
win
uno games
Capitalism is a --- system.
profit
loss
profit and loss
orange eater's
Prices are --- that set value they are --- that respond to value.
not levers, metrics
not metrics, lever
The failure of some businesses is --3--
an opportunity to hire skilled workers on the cheap
an opportunity to buy high quality used equipment on the cheap
an opportunity to expand markets with a lower cost of doing business
an opportunity to get away with behaviors that you'd never get away with previoously
Entrepreneurs generally have insights on --2--
customer desires even if the customer doesn't know them
better, cheaper, faster production techniques and technologies
how to make workers happy regardless of production and consumer damanges
The solution to the potato ignorance was ---
entrepreneurial equilibration
derived labor value
The allocation of scarce resources that have alternative uses.
economics defines
public choice defined
There is no such thing as ---.
as a free lunch
brown horses
swing sets
Kamala Harris
Joe Biden
Donald Trump
Mike Pence
Donald Trump
Kamala harris
Mike Pence
Joe Biden
Mike Pence
Kamala Harris
Donald Trump
Joe Biden
Mike Pence
Donald Trump
Kamala Harris
Joe Biden
Quarters, dimes, nickels, and pennies are
coins
token
Gold and silver are ---
real money
fiat money
representative money
There is no such thing as a ---
free lunch
working Ford car
real money
fiat money
service
manufacturing
service
manufacturing
Fiat currency
real money
A free market is a ---
spontaneous order
command and control system
All of these are necessary for the world's poor to have access to a broader world of business opportunity and wealth. EXCEPT (Hernando De Soto)
Proof of ownership of Private property
The ability to conduct business without government permissions
The ability to identify oneself to a broader world
An important family name
The actions of entrepreneur ---
both equilibrate and dis-equilibrate
dis-equilibrate
equilibrate
Specialization and trade can cause greater prosperity even without any other improvements.
true
false
Land, Labor, Capital, Entrepreneurship
Productivity Factors
Factor of Production
The opportunity represented by massive airline bankruptcy is
plane becme expensive
the availability of cheap airliners
You either can get the item or you cannot get the item. There is nothing you can do about it.
Scarcity
Shortage
You have to give up something in order to get it
scarcity
shortage
Truckers do not want to go anywhere with an empty truck
the empty truck represents an opportunity to trade
false
Even out supplies, meet demand, tend to lower prices - eventually, find new uses for resources.
Result of entrepreneurial action
Result of government action
