Intro to Economics

The way the people around the world have become more connected politically, economically, and socially.

• Globalization

• International Trade

• Opportunity Cost

• Specialization

All economic decisions are made by the government.

• Mixed Economy

• Command Economy

• Market Economy

• Traditional Economy

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Command Economy

• Market Economy

• Traditional Economy

• Market Economy

Definition of Economics

• The study of how people use resources to fulfill unlimited needs and wants. ​

• The manufactured goods used to produce other goods and services.

• One who organizes, manages, and assumes the risks of a business or enterprise.​

• Natural resources present without human intervention.

Which is NOT a factor of production?

• Land

• Labor

• Capital

• Trading

Elon Musk is the co-founder of Tesla. What is another word for someone who owns and takes on the risk of business?

• Land

• Entrepreneur

• Capital

• Labor

No government involvement in business.

• Command System

• Traditional System

• Market System

• Mixed System

Most governments operate under this type of economic system.

• Command System

• Mixed System

• Traditional System

• Market System

This picture is an example of which factor of production?

• Land

• Labor

• Capital

• Entrepreneur

Hammer and nails makes building a house easier and faster. This picture is an example of which factor of production?

• Land

• Labor

• Capital

• Entrepreneur