ETT CH 1 What is Economics?

Factors of production include which of the following?

• land, labor, capital, and entrepreneurship

• technology products and entrepreneurship

• goods and services

• all of the products produced in an economy

A company's office buildings are an example of

• capital

• labor

• land

• entrepreneurship

The value of the next best alternative that has to be given up for the action that is chosen is the

• factor of production.

• trade-off.

• opportunity cost.

• productivity

A car used by a messenger service is a type of

• capital

• labor

• trade-off.

• opportunity cost.

What is the basic problem of economics?

• pricing

• scarcity

• consumer behavior

• government policies

Economics is primarily concerned with which of the following?

• future costs of goods

• values and objectives of a society

• use of resources

• methods of production

a situation in which people do not have enough resources to satisfy every desire

• scarcity

• trade-off

• capital

• microeconomics

the branch of economic theory dealing with the economy as a whole and behavior and decision making by large units

• microeconomics

• macroeconomics

sacrificing one good or service to purchase or produce another

• scarcity

• opportunity cost

• capital

• trade-off

manufactured goods used to make other goods and services

• technology

• capital

• labor

• economics