3.1 Economics Scarcity and Factors of Production

Question 1

The income earned from capital is

Accepted Answer

interest

Question 2

Something you must have for your survival is called a . . . .

Accepted Answer

Need

Question 3

Which of the following is an example of a need

Accepted Answer

Shelter

Question 4

Something you don't have to have for your survival but would like is called a . . . .

Accepted Answer

Want

Question 5

Scarcity is how people and businesses with limited income/resources make choices on how they spend their money.

Accepted Answer

False

Question 6

Which is the most rare/scarce of the factors of production

Accepted Answer

enterprise

Question 7

Which of the following is NOT an example of labour

Accepted Answer

robots

Question 8

People have limited resources and therefore they have to make _____ in order to satisfy their needs/wants

Accepted Answer

choices

Question 9

The income earned for labour is

Accepted Answer

Wages/Salaries

Question 10

The income earned off land is

Accepted Answer

rent

Question 11

Which of the following is NOT an example of land

Accepted Answer

Factory

Question 12

Something we use to help achieve our goals is called . . . .

Accepted Answer

Resource

Question 13

Land includes buildings

Accepted Answer

False

Question 14

The income earned from enterprise is

Accepted Answer

profit

Question 15

Which of the following is an example of a want

Accepted Answer

iPad

Question 16

The factors of production are

Accepted Answer

land, labour, capital, enterprise

Question 17

Having to make choices due to our needs being greater than the resources we have is called

Accepted Answer

Scarcity

Question 18

Which of the following is NOT an example of Capital

Accepted Answer

Workers

Question 19

Enterprise is bringing together the other Factors of Production to produce a good/service

Accepted Answer

True

Question 20

How people and businesses with limited income make decisions on how they spend their money is called . . . . .

Accepted Answer

Economics

Question 21

Capital includes both man-made things and money

Accepted Answer

True

Question 22

Labour includes the skills and knowledge of people

Accepted Answer

True

Question 23

Economics: the study of how people/business with limited resources/income spend their money to satisfy their needs/wants

Accepted Answer

True

3.1 Economics Scarcity and Factors of Production

Questions 23

3.1 Economics Scarcity and Factors of Production

Questions 23