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WorksheetsChapter 1 Sec 1-2 quiz
Total questions: 17
Worksheet time: 11mins
Because we face scarcity, we must make _____________.
studies
money
profit
choices
Our inability to satisfy all our wants is called ___________.
profit
scarcity
surplus
wages
A(n) __________________ is a reward that encourages an action or a penalty that discourages an action.
fine
FOPs
incentive
human capital
The work time and work effort that people devote to producing goods and services is __________.
labor
land
capital
rent
The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.
land
capital
entrepreneurship
labor
The human resource that organizes land, labor, and capital is _________________.
land
labor
capital
entrepreneurship
You make choices that are in your ___________—choices that you think are best for you.
social-interest
studies
efficiency
self-interest
____________ is fairness, but economists have a variety of views about what is fair.
efficiency
profit
risk
equity
The benefit you give up by choosing to do one thing instead of another
Opportunity Cost
Profit
Scarcity
Producers
A quarterback for a NFL team, would be considered which one of the 4 economic resources?
Land
Labor
Capital
Entrepreneurship
