Factors of Production Flashcard

Front

During a class discussion, Julia and Andrew were asked to identify a natural resource or "gift of nature". Which of the following did they choose? Machinery, Computers, Forests, Buildings

Back

Forests

Front

In the context of factors of production, what does capital refer to for Julia and Andrew's bakery?

Back

Tools and equipment

Front

Andrew and Julia are setting up a new office. Which of the following is NOT an example of capital? Machinery, Water, Computers, Buildings

Back

Water

Front

What factor influences the quantity of labor available in an economy according to Harley and Amanda? Options: Natural resources, Education levels, Capital goods, Mineral resources

Back

Education levels

Front

What is the reward for entrepreneurs according to Melaina and JT's discussion?

Back

Profit

Front

During a classroom discussion, Andrew and Melaina were asked to identify a resource that cannot be replenished once it is used up. Which of the following did they choose?
Forests, Water, Oil, Wind

Back

Oil

Front

What does the abbreviation PPF stand for?

Back

Production Possibilities Frontier

Front

What does the Production Possibilities Curve (PPC) illustrate in the scenario of Amanda and JT planning a community garden with limited space and resources?

Back

All potential combinations of fruits and vegetables the garden can produce

Front

What is the opportunity cost of choosing to go to the movies?

Back

The cost of not visiting the museum.

Front

What is the trade-off in Harley and Amanda's decision-making process between going to the beach or hiking in the mountains?

Back

Sacrificing alternatives when one choice is made