Introduction to Economics

There are 4 _______________. They are land, labour, capital and entrepreneurship.

• Factors of Production

• Market Economies

• Profits

• Economics

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

• Demand
• Needs
• Wants
• Presents

The reason why you can't have everything you want is because of ___________________.

• Opportunity Cost
• Scarcity
• Incentive 
• Choice

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

Man-made resources used in the production process i.e. machines in a factory.

• Labor 
• Capital
• Household
• Revenue 

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics
• Scarcity
• Capitalism
• Entrepreneurs

What are physiological needs?

• Water, food, air
• Consistent employment
• Love, friendship, companionship
• Achievieng a life-long goal

In the same year in which our country was founded (1776) this person wrote, "The Wealth of Nations", which outlined capitalism. 

• Adam Smith
• Karl Marx
• Thomas Jefferson
• Alexander Hamilton

What factor of production does this picture represent?

• Land

• Capital

• Labour

• Entrenprenour

Brazil and India have a large population and are both large in size. If their economies are to develop, what factors of production do they need to increase?

• Labor and Land

• Entrepreneurship and Labor

• Capital and Land

• Capital and Entrepreneurship