Economics Unit 1 Quiz (Part 1) Flashcards

1

The condition of trying to meet unlimited wants and needs with limited resources is known as:

2

A teacher is an example of:

3

Scarcity forces us to make:

4

A circular saw is an example of:

5

A professional baseball player is an example of:

6

The factors of production include land, labor, _____, and entrepreneurship.

7

The best choice is made when the marginal benefits outweigh the marginal:

8

a restaurant owner is an example of:

9

The next best alternative that is forgone when a person makes a choice is called a(n):

10

A tree is an example of:

Economics Unit 1 Quiz (Part 1)