Honors Econ EOY Review

Front

The condition that results from society not having enough resources to produce all the things people would like to have

Back

Scarcity

Front

The term "land" means:

Back

The natural resources used to produce goods or services.

Front

The term "labor" means:

Back

Work the people do to produce goods and services.

Front

Which is an example of investment in human capital? Options: trucks, factories, education, highways

Back

education

Front

Which activity is an example of investing in physical capital by a company? Options: constructing a new factory, throwing away old delivery trucks, giving workers more time off to rest, training workers to do their jobs better

Back

constructing a new factory

Front

What is an entrepreneur?

Back

A person who starts a new business.

Front

Iron, minerals, coal, and plants are examples of which productive resource?

Back

land

Front

The term "factors of production" means:

Back

things or skills needed to produce goods or services

Front

A garbage truck driver is an example of which Factor of Production? Options: labor, land, entrepreneurship, capital

Back

labor

Front

A company can use its current resources to produce hats and boots as shown in this production possibilities curve. Which of the following represents a movement from inefficiency to efficiency in this PPC? Options: From T to S, From V to T, From S to V, From S to R, From S to U

Back

From T to S