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- 1. Multiple ChoiceWhich of the following is NOT a natural resource?OilWaterCarAir
- 2. Multiple ChoiceThe making, buying and selling of goods and serviceseconomicsinflationmarketbarter
- 3. Multiple ChoiceIndividuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- 4. Multiple ChoiceSomething we use from naturenatural resourcehuman resourcecapital resourceentrepreneur
- 5. Multiple ChoiceHow much people want somethingsupplydemand
- 6. Multiple Choice
What does scarcity mean?
Example: Over-fishing can result in a scarcity of a type of fish.
too many resources
not enough resources
an unknown amount of resources
- 7. Multiple Choice
Economics is the study of economies, or, how people in a society get...
trade goods
products and services
work and income (money)
mediums of exchange
- 8. Multiple Choice
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
- 9. Multiple ChoiceA herd of cattle is an example of ...LandLaborEntrepreneurCapital
- 10. Multiple ChoiceForests are examples of...LandLaborEntrepreneursCapital
- 11. Multiple ChoiceA bulldozer is an example of...LandLaborEntrepreneursCapital
- 12. Multiple Choice
Your garbage man is an example of
Land
Labor
Entrepreneurs
Capital
- 13. Multiple ChoiceA steel factory is an example ofLandLaborEntrepreneursCapital
- 14. Multiple ChoiceWhat resource is this?natural resourcehuman resourcecapital resource
- 15. Multiple ChoiceWhat is this resource?human resourcecapital resourcenatural resourcehuman and capital resource
- 16. 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
- 17. Multiple ChoiceThe term, "capital goods" means:Goods not created for their own use, but to make other goods/services.Work the people do to produce goods and services.Person who organizes the factors of production to produce goods/services; business owners.The natural resources used to produce goods or services.
- 18. Multiple ChoiceThe term, "labor" means:Work the people do to produce goods and services.The natural resources used to produce goods or services.Person who organizes the factors of production to produce goods/services; business owners.Goods not created for their own use, but to make other goods/services.
- 19. Multiple ChoiceWhat is a risk an entrepreneur takes in running a business?Losing the money invested in starting the businessGoing bankrupt [losing everything]Not having a steady job/paycheckAll of these are risks!
- 20. Multiple ChoiceHere are the monthly expenses for Company Z:
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
How much does Company Z pay per month for these expenses all together?$100,000$90,000$30,000$1,000,000 - Answer choicesTagsAnswer choicesTags