About Decisions Unit Test Review

All of the following must be true on order for a good or service to be considered scarce EXCEPT:

Which factor of production does the following represent: Bulldozer

Which of the following buys goods for personal use and utility?

Stacy orders a new pizza oven on Amazon. The pizza oven is a

The practice of examining the costs and the expected benefits of a choice as an aid to decision making is:

Which of the following is not a need?

Which of the following is NOT a type of capital?

When the Marginal Cost is greater than the Marginal Benefit, it is a good decision.

What is the study of how people & societies choose to use scarce resources to satisfy their needs & unlimited wants?

Includes people with all their efforts.

Revenue - Costs =

Which factor of production does the following represent: Coal

An opportunity cost is…

The tools, skills, knowledge, and machines created and used by humans

Which of the following is an example of a service?

Wants are limited desires that can be satisfied by consuming or purchasing a good or service.

Which factor of production does the following represent: NFL Players

What basic economic problem do both higher-income nations and lower-income nations have in common?

Which factor of production does the following represent: Elon Musk

Natural resources that are not created by human effort.

If a nation encourages entrepreneurship (think innovation taking place), then which of the following is likely to occur?

Which of the following would least likely be used to describe an entrepreneur?

Which of these terms is the BEST synonym for the word “entrepreneur?”

Those who start a business or bring a product to the market.

Which factor of production does the following represent: Wood

What is scarcity?

Because of scarcity, we are forced to make