Economics - Intro to Economics

What is Economics?

• The opposite of government
• The study of how to make money
• The study of human populations
• The study of how people make choices to satisfy their needs and wants

Capital is ...

• the human resource that bears the risk of procution
• the effort or talent devoted to making goods
• the human made resource or something physical to aid production
• natural resources used to make other goods

The factors of production are...

• land, labor and capital
• good, service, need
• entrepreneur, land, knowledge
• skills, knowledge, money

An example of an entrepreneur would be ...

• George Washington
• Ralph Funk
• Barack Obama
• Marc Zuckerberg

Land is ...

• tools
• an educated labor force
• oil
• innovation

Labor is ...

• effort (physical & mental) devoted to a task
• natural resources
• man made resources
• an ambitious leader, a risk taker

A tractor is an example of  ...

• land
• labor
• entrepreneur
• capital

Why should students study economics?

• To become productive members of society
• To learn how to make money
• To get a good job someday
• To be successful in college

What are the four types of economies?

• command, demand, capitalist, communism
• traditional, command, market, mixed
• mixed, market, traditional, primary
• None of the above 

The reason why you cant have everything you want is because of 

• Opportunity Cost
• Scarcity
• Incentive 
• Choice