WorksheetsIntro to Economics Sections 1-3
Total questions: 33
Worksheet time: 19mins
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
What are the resources called that are needed to produce a good or service?
Goods and services.
Needs and wants.
Factors of production.
All of the above.
What are natural resources?
Animals
Things from nature (not man-made)
Tree
All of the above
What is entrepreneurship?
Shipping of products and services.
Starting or improving a business.
Improving needs and wants.
All of the above.
__________ An example of a natural resource is a cell phone.
True
False
Which one of the four factors of production does the picture show?
Natural Resources
Labor
Capital
Entrepreneur
An Entrepreneur
is a NASCAR driver
is a teacher
works at Chick Fil A
owns his/her own company
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.
The additional costs or the use/consumption of an G or S
Marginal benefit
Marginal cost
Negative Utility
Marginal revenue is:
the revenue received from sales
the additional cost of producing an additional unit of output
the change in total revenue created by the sale of one more unit of output
the marginal benefit provided by an additional unit of output
always increasing as more output is sold
Everyone acts in their own self interest to make decisions by comparing the marginal cost to the ___________
trade off
comparative advantage
marginal benefit
Looking at marginal analysis means looking at the __________ cost and benefit
additional
total
average
All of the alternatives to the choice we make are called
opportunity costs
marginal costs
trade offs
The most desirable alternative given up in a choice is called
opportunity cost
marginal cost
trade off
the income received from selling one additional unit of a good or service
marginal benefit
marginal cost
marginal revenue
profit
income received from an economic action, minus the costs of taking the action
marginal benefit
marginal cost
marginal revenue
profit
Revenue - Production Cost =
(a)
To calculate marginal cost you will need to calculate the cost per unit and then find the (a) between one unit and the next.
You made a good decision if:
Marginal cost is greater then marginal benefit
Marginal cost is less than marginal benefit
Marginal benefit is greater then marginal cost
Marginal benefit is less then marginal cost
Human capital is Tangible
True
False
What is an example of Human Capital? Select all that apply
On the Job training
A company wanting to expand
Graduating with a degree
Losing the cash in your wallet
Which of the following is an investment in your own Human Capital? Select all that apply
On the job training
Getting an college degree
Attending a workshop in your occupation
Donating clothes to the local Goodwill
What would cause one job to pay more than another?
The age of the individual
The number of french fries the person can eat in a minute
How much fun they have while they work
The length of training, level of education, and the difficulty of the job
True or False, Human Capital is a persons level of education, job experience, and skills
True
False
Which are examples of physical capital?
Iron ore, silver, wood, diamonds.
On the job training, public education.
Technology, machinery, buildings, tools.
Starting your own business or inventing something new.
Germany upgrades its highways.
Human Capital
Capital Goods (Physical)
A company builds a new factory.
Human Capital
Capital Goods (Physical)
