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Scarcity/Factors of Production Flashcards | StudBud

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Scarcity/Factors of Production

12 terms·StudBud Administration·285 plays

Intro to Economics Quiz #economics #scarcity #factorsofproduction

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Questions 12

Answers

1
"Man-made stuff that is used to make other stuff"
service
land
capital
labor
2
Petroleum in the ground
service
land
consumer good
capital
3
Iron ore used to make a snowboard is...
labor
human capital
land
capital
4
Opportunity cost is
None of the answers are correct
The best choice among your options.
The second best choice among all your options.
The sum total of all the options you could have chosen.
5
Sunscreen used by a beach-goer
service
land
consumer good
capital good
6
Entrepreneurs are considered a factor of production because they
create new companies and foster business innovation
produce goods and services as wage laborers
provide financial capital by investing in stock
own the land on which their company is located
7
Scarcity is the situation that results from
limited resources and unlimited wants
an excessively large labor force
a gap between exports and imports
the irrationality of modern consumers
8
Elon Musk could best be described as...
Labor
A human-made thing used to make something else
Good
Entrepreneur
9
SAT prep academies are examples of
services
capital
goods
land
10
A calculator used by an accountant
consumer good
service
entrepreneur
capital good
11
The 5g network that delivers Clash Royale to your smart phone is an example of...
Land
Capital
Good
Labor
12
The knowledge of tax laws used by an accountant is...
labor
physical capital
land
human capital