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Intro to Economics
What factor of production is this picture representing?
Economics is the study of
Intro to Economics
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1
Economics is the study of
Graphs and charts
Economic systems and how they function in a global economy
How people use their limited resources and make choices
Boring stuff that no one really cares about
2
What factor of production is this picture representing?
land
entrepreneurship
capital
labor
3
The thing that is given up when you make an economic choice is known as
Scarcity
Competition
Trade off
Opportunity cost
4
The value of the next best choice (use of time, money, or other resources) is known as
Competition
Trade off
Scarcity
Opportunity cost
5
What factor of production is this picture representing?
labor
capital
entrepreneurship
land
6
What factor of production is this picture representing?
land
capital
entrepreneurship
labor
7
Paying someone to do something for you is a
good
service
8
What factor of production is this picture representing?
labor
capital
entrepreneurship
land
9
Who takes a risk to start a new business?
a worker
a laborer
an entrepreneur
an employee
10
What kind of labor would you need when starting a business such as a restaurant?
pots and pans
a piece of property for the restaurant
waiters and cooks
an entrepreneur
11
What kind of capital would you need when starting a business such as a restaurant?
a piece of property for the restaurant
waiters and cooks
pots and pans
an entrepreneur
12
What kind of land would you need when starting a business such as a restaurant?
piece of property for the restaurant
pots and pans
an entrepreneur
waiters and cooks
13
The condition of not having enough resources is known as
Trade off
Opportunity cost
Scarcity
Competition
