Intro to Economics

Question 1

The value of the next best choice (use of time, money, or other resources) is known as

Accepted Answer

Opportunity cost

Question 2

Who takes a risk to start a new business?

Accepted Answer

an entrepreneur

Question 3

The thing that is given up when you make an economic choice is known as

Accepted Answer

Trade off

Question 4

What factor of production is this picture representing?

Accepted Answer

capital

Question 5

What kind of land would you need when starting a business such as a restaurant?

Accepted Answer

piece of property for the restaurant

Question 6

What kind of capital would you need when starting a business such as a restaurant?

Accepted Answer

pots and pans

Question 7

What kind of labor would you need when starting a business such as a restaurant?

Accepted Answer

waiters and cooks

Question 8

The condition of not having enough resources is known as

Accepted Answer

Scarcity

Question 9

What factor of production is this picture representing?

Accepted Answer

land

Question 10

Paying someone to do something for you is a

Accepted Answer

service

Question 11

Economics is the study of

Accepted Answer

How people use their limited resources and make choices

Question 12

What factor of production is this picture representing?

Accepted Answer

labor

Question 13

What factor of production is this picture representing?

Accepted Answer

entrepreneurship

Questions 13