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Factors of Production and Opportunity Cost Flashcards | StudBud
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Factors of Production and Opportunity Cost
Factors of Production and Opportunity Cost
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#economics #factorsofproduction
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Land includes resources such as animal fur and meat.
True
False
2
Ms. Jacobs wants to go out to dinner but instead goes to the gym. What is the opportunity cost?
The dinner she could have eaten.
The time it would have taken to drive to the restaurant.
Making time for her workout.
How sore she will be tomorrow.
3
The _______ of something can change over time (hint: the best lunch ever)
Opportunity Cost
Utility
Incentive
Trade-Off
4
The opportunity cost of doing your homework instead of watching your favorite TV show would be
Going to work
Missing the TV show
The hour you could've spent playing basketball
Getting your homework done
5
In a restaurant, an oven would be considered...
A trade-in
Capital
A need
Labor
6
A cell phone would be considered a...
Want
Need
7
Which of the following is unlimited?
Entrepreneurship
Labor
Wants
Needs
8
Incentives are the same for everyone.
True
False
9
_________ forces people to choose.
Economics
Labor
Scarcity
Opportunity Cost
10
Which of the following is NOT a factor of production?
Labor
Capital
Trade-Off
Land
