Economics Basics

Which of the following is NOT an example of capital?

In the vocabulary of economics, a person who makes/creates goods and services is known as:

Fred's business earned $5000 last year, but he had to spend $1000 to keep the factory running. What was his profit?

Tools, trucks, machines, factories, office equipment and money to get started are examples of:

There are four factors of production: natural resources, capital, entreprenuers (business owners) and

An assembly line is one example of:

Which of the following is NOT one of the factors of production?

A person who creates, organizes and manages a business is called:

When an individual or business produces only one type of product, it is called:

Which of the following are examples of goods?

A system of producing, buying and selling goods and services.

The economy has four different sectors. Which one is NOT one of these four?

Which natural resource is used in great amounts to manufacture microchips?

Oceans, mines, and forests are examples of _____________ used to manufacture products.

Japan makes cars, but has no steel. It gets iron ore from Brazil to make steel to manufacture cars. This is known as:

Many local businesses have posted "help wanted" signs. This is because of a short supply of which factor of production?

In economic voculablary, someone who hires others to work for him or her is known as:

The pandemic caused which of the following effects?

Retailers such as Kohl's offer incentives (coupons, discounts, buy one, get one free) because they hope to:

Which of the following is NOT an advantage of entrepreneurship?