Unit 4: Understanding Economics

Things that people do for others are referred to as

• goods
• factors of production
• services
• scarcity

Which of the following is not a factor of production

• land
• labor
• scarcity
• capital goods

What is an entrepreneur?

• a person who works for a company
• an owner of a business
• an items needed to make a product
• raw materials

material things that people buy are known as

• goods
• services
• land
• labor

Which of the following could be considered "land" on a construction site?

• a bulldozer
• a construction worker
• a hard hat
• lumber

Which of the following would be considered a "capital good" at a bakery?

• flour

• oven

• icing

• the baker

Which of the following would be considered the "labor" at a car dealership?

• the salesman

• the cars

• the parking lot

• the price tag

Which of the following would be considered the "entrepreneur" of a tech start up?

• the software engineers
• the apps that are developed
• the computer software
• the owner who had the idea

Which of the following is not a basic question of economics?

• what is going to be produced

• how is it going to be produced

• why is it going to be produced

• who is it going to be produced for

The problem that we have unlimited wants but there are limited resources to fulfill those wants is known as:

• development index
• uneven distribution
• scarcity
• factors of production