Econ and Native Americans

True or False: How do people use goods or services? Is one of the the three main questions of economics

• True

• False

Which of the following is NOT a main factor of production

• Work Ethic

• Land

• Labor

• Capital

Which factor of the production is represented in the following scenario: Tom's mechanic shop cannot open until he hires qualified mechanics to work on customer cars.

• Land

• Labor

• Capital

The cost of what you have to give up in order to get what you want is called what?

• Supply

• Demand

• Opportunity Cost

• Factors of Production

In economics supply is.....

• The desire for a certain good or product.

• The amount of a good or service that is available.

• How people meet their wants and needs.

What is profit in economics?

• The money a company has left after subtracting its costs from money earned.

• The cost of what you have to give up in order to get what you want.

• The desire for a certain good or product.

• People or businesses that make and sell goods or services.

Combination of a market economy with a role for government represents which economic system?

• Mixed Economy

• Command Economy

• Traditional Economy

• Market Economy

In a Budget your income should be __________________ than expenses

• equal to or less

• equal to or more

• less or more

Credit allows people to...........

• See if they can buy something with cash

• borrow money to buy something.

• See if they can balance a budget

Why did the Bering land bridge exist allowing for migration?

• Early humans constructed the bridge to allow for safe travel?

• Freezing temperatures and low sea levels created a natural land bridge