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WorksheetsG7 - ECON - T4 - W2 - WS2
Total questions: 20
Worksheet time: 7mins
Entrepreneur
Person who started the business
Capital
Items used to CREATE products.
Labor
People and all their skills, labor
Land
Refers to the gift of nature
4
Factors of Production
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Which of the following accurately lists the productive resources employed in the situation below?
A teenager working at a sandwich shop uses a meat slicer.
Labor and Entrepreneurship
Labor and Capital
Entrepreneurship and Land
Land and Capital
What is opportunity cost?
the value of the next best option that is not selected when a choice is made.
things people make to earn money.
there is not enough of it.
actions people do to earn money.
Scarcity arises because all societies have
limited productive resources to satisfy unlimited wants
limited needs and unlimited wants
unlimited productive resources to satisfy limited wants
unlimited needs and limited wants
The willingness and ability to sell the products is ....
demand
supply
sales
income
The willingness and ability to purchase goods and services is called as ....
demand
supply
sales
revenue
Training of workers increase the quality of production which cause a ... cost of productions and a ... of supply.
rise, rise
rise, decrease
lower, decrease
lower, rise
How would an increase in supply be illustrated?
A shift to the left of the supply curve
A movement down the supply curve
A shift to the right of the supply curve
A movement up the supply curve
What is measured on the vertical axis of a demand curve?
Cost
Price
Supply
Quantity
The diagram shows the demand for chocolate.
What could cause the movement from point X to point Y?
A change in tastes
An increase in income
A fall in the price of chocolate
A successful advertising campaign for chocolate
What does this graph represent?
Supply curve
demand curve
surplus
shortage
What does the intersection represent
Surplus
shortage
equilibrium
When price goes up supply increase. What is this idea known as?
Law of supply
Law of demand
Law of elasticity
Law of inelasticity
When price goes up demand decrease. What is this idea known as?
Law of supply
Law of demand
Law of elasticity
Law of inelasticity
