Economics Unit 1 Review

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

Which of the following is a need?

• Crayons
• Video Games
• Basketballs
• Houses

The talents and skills of human beings used to create goods is an example of which Factor of Production?

• labor

• land

• capital

• entrepreneur

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

What is this resource?

• human resource
• capital resource
• natural resource
• human and capital resource

the value of the second-best choice that is given up when a decision is made

• opportunity cost

• producer

• profit

• scarcity

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

What kind of resource is this?

• natural and capital resource
• natural resource
• capital resource
• human resource

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur