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- Multiple ChoicePlease save your changes before editing any questions.Which of the following is NOT a natural resource?OilWaterCarAir
- Multiple ChoicePlease save your changes before editing any questions.The making, buying and selling of goods and serviceseconomicsinflationmarketbarter
- Multiple ChoicePlease save your changes before editing any questions.Individuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- Multiple ChoicePlease save your changes before editing any questions.Something we use from naturenatural resourcehuman resourcecapital resourceentrepreneur
- Multiple ChoicePlease save your changes before editing any questions.How much people want somethingsupplydemand
- Multiple ChoicePlease save your changes before editing any questions.
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
- Multiple ChoicePlease save your changes before editing any questions.
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
- Multiple ChoicePlease save your changes before editing any questions.
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.
- Multiple ChoicePlease save your changes before editing any questions.A herd of cattle is an example of ...LandLaborEntrepreneurCapital
- Multiple ChoicePlease save your changes before editing any questions.Forests are examples of...LandLaborEntrepreneursCapital
- Multiple ChoicePlease save your changes before editing any questions.A bulldozer is an example of...LandLaborEntrepreneursCapital
- Multiple ChoicePlease save your changes before editing any questions.
Your garbage man is an example of
Land
Labor
Entrepreneurs
Capital
- Multiple ChoicePlease save your changes before editing any questions.A steel factory is an example ofLandLaborEntrepreneursCapital
- Multiple ChoicePlease save your changes before editing any questions.What resource is this?natural resourcehuman resourcecapital resource
- Multiple ChoicePlease save your changes before editing any questions.What is this resource?human resourcecapital resourcenatural resourcehuman and capital resource
- Multiple ChoicePlease save your changes before editing any questions.The 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
- Multiple ChoicePlease save your changes before editing any questions.The 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.
- Multiple ChoicePlease save your changes before editing any questions.The 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.
- Multiple ChoicePlease save your changes before editing any questions.What 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!
- Multiple ChoicePlease save your changes before editing any questions.Here 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