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Econ - Scarcity and Factors of Productions Test Review Flashcards | StudBud
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Econ - Scarcity and Factors of Productions Test Review
Econ - Scarcity and Factors of Productions Test Review
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Unit 1 Test practice
Flashcards
8 cards
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Practice quiz
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Questions
8
Answers
1
What are the gifts of nature that make production possible?
human capital
consumer goods
input
natural resources
2
What are the alternatives you face if you decide to do one thing rather than others?
tradeoff
variable cost
incentive
opportunity cost
3
The fundamental economic problem that resources are finite, but economic wants are insatiable
productivity
trade off
demand
scarcity
4
Which factor of production includes any form of human effort exerted in production?
labor
entrepreneurship
land
capital
5
Which would not be classified by economists as land?
2000 acres of virgin forest
crude oil reserves
iron ore deposits
a hydroelectric dam
6
Which would not be considered as capital by an economist?
a share of corporate stock issued by General Motors
an automobile used by General Electric
a crane used by a building contractor
a razor used by a barber
7
The individual that brings together the other economic resources necessary for production
government units
corporate shareholders
entrepreneur
the managerial elite
8
What factor of production is a tractor?
capital
land
labor
entrepreneurship
