Introduction to Economics

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

• Labor

• Capital

• Revenue

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

• Economics

• Philosophy

• Capitalism

Name for the risk-taking businessmen who start businesses and are one of the factors of production.

• Land

• Labor

• Capital

• Entrepreneurship

What factor of production does this picture represent?

• Land
• Capital
• Labor
• Entrenprenour

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

• Shortage

• Opportunity Cost

• Scarcity

• Choice

It is your second choice-what you give up when you make a decision.

• Choice

• Opportunity Cost

• Scarcity

• Shortage

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

• Scarcity

• Shortage

• Surplus

• Economics

Economics is the study of how people seek to satisfy their needs and wants by making choices

• True

• False

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

• Shiny

When you make a choice, you often have to give up other options...those things are called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options