1.2 Economics

Computers used to produce a magazine article would be which factor of production? (Land, labor, capital or entrpreneurs)

The manager of an insurance company would be which of the four factors of production? (Land, Labor, capital, or entrepreneurs)

Someone develops a new software app and they start their own company. Which factor of production would they be? (Land, labor, capital or entrepreneur)

Which factor of production would the south's rainy season be? (Land,labor, capital or entrepreneurs)

The cost of the next best use of time, money, or resources is ________ ________.

The factor of production that involves taking risks and combining resources to produce a good or service is _______________

When evaluating how to use resources, you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called

• trade-offs

• opportunities

• resource frontiers

• priorities

Consumers are powerful because

• They have mnore rights than corporations.

• They help decide a business's opportunity costs

• They drive decisions about what to produce.

• None of the above

Consumers are expected to read the full information about a product before making a purchase. This is an example of a consumer's

• opportunities

• rights

• responsibilities

• habits