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Social Studies
10th
grade
Factors of Production and Opportunity Cost
36 questions
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- 1. Multiple ChoiceWhat is opportunity cost?your choicewhat you give up to make a choice
- 2. Multiple ChoiceWhat is scarcity?Having too many resourcesNot having enough resources
- 3. Multiple ChoiceA popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?muffinscookies
- 4. Multiple ChoiceThe Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?vacationswimming pool
- 5. Multiple ChoiceThe local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?new skate parkmore computers
- 6. Multiple Choice
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
- 7. Multiple Choice
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
- 8. Multiple ChoiceEconomics is the study of howgov't allocates scare resources to satisfy people's unlimited wants.gov't supplies money to businesses to produce goods & services.people use their scarce resources to satisfy their unlimited wants.businesses supply unlimited goods & services with limited resources.
- 9. Multiple ChoiceScarcity arises because all societies havelimited productive resources to satisfy unlimited wantsunlimited productive resources to satisfy limited wantslimited needs and unlimited wantsunlimited needs and limited wants
- 10. Fill in the Blank
What factor of production is this?
- 11. Multiple ChoiceThe factors of production is / are ___________ needed to produce goods and services.thingsresourcesenergypeople
- 12. Fill in the Blank
Name the factor of production.
- 13. Multiple ChoiceChoosing to make cars instead of trucks results inopportunity costincreased wealthexpanding the production possibilities curvebusy roads
- 14. Multiple Choice
This Economics term refers to the things you use to create goods and services.
Resources
Materials
Wants
Scarcities
- 15. Multiple Choice
True/False: Human wants will always exceed available resources.
TRUE
FALSE
- 16. Fill in the Blank
These are the things we desire to have.
- 17. Multiple Choice
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Needs
Opportunity Cost
None of these answers
- 18. Multiple Choice
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
- 19. Fill in the Blank
Limited Resources + Unlimited Wants =
- 20. Multiple Choice
A trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
- 21. Multiple Choice
Which of these terms is the BEST synonym for the word "entrepreneur"?
"business owner"
"home owner"
"employee"
"student"
- 22. Multiple ChoiceA benefit is something good or helpful.TrueFalse
- 23. Multiple ChoiceTools we use to make productscapital resourceshuman resourcesnatural resourcesentrepreneurs
- 24. Multiple ChoiceIndividuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- 25. Multiple ChoiceWhat resource is this?natural resourcehuman resourcecapital resource
- 26. Multiple ChoiceWhat is this resource?capital resourcehuman resourcenatural resource
- 27. Multiple ChoiceWhat resource is this?capital resourcenatural resourcehuman resource
- 28. Multiple ChoiceWhat is this resource?human resourcecapital resourcenatural resourcehuman and capital resource
- 29. Multiple ChoiceWhat resource is this a picture of?natural resourcecapital resourcehuman resource
- 30. Multiple Choice
WHAT IS LABOR?
work people do for pay to produce good and services
actions people do for other people
any physical object
The money people get for inheritance
- 31. Multiple Choice
_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES
Entrepreneurs
Capital
Labor
Land
- 32. Multiple Choice
_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.
Entrepreneurs
Capital
Labor
Land
- 33. Multiple Choice
AN ENTREPRENEUR IS A PERSON WHO _______________.
owns their own business
uses goods and services to produce labor, land, and capital.
use land, labor, and capital to produce good and services.
loves nature and runs a business
- 34. Multiple ChoiceThe term "factors of production" means:things or skills needed to produce goods or serviceshow we spend our moneythe resources of the governmenthow society creates jobs
- 35. Multiple Choice
In what kind of economy does the government make most of the decisions about what, how, and for whom to produce goods and services?
traditional
market / capitalist
command / communist
mixed
- 36. Multiple Choice
What is the major difference between scarcity and a shortage?
They are really the same
Shortages always exist and scarcity is temporary
Shortages are temporary and scarcity always exist.
Scarcity is limited and shortages are unlimited
- Answer choicesTagsAnswer choicesTags