BU20 - Economic Concepts 2

Question 1

Unlimited needs and desires meeting limited resources is the definition of. . .

Accepted Answer

scarcity

Question 2

The study of how individuals, firms, and nations can best allocate their resources is called

Accepted Answer

economics

Question 3

Natural resources such as wheat, water, and iron ore would be considered which resource?

Accepted Answer

natural

Question 4

If a factory owner uses some of her profits to purchase new machinery she is investing in

Accepted Answer

capital resources

Question 5

The next best alternative given up when you make a decision is called. . .

Accepted Answer

opportunity cost

Question 6

Which of the following motivates entrepreneurs to take risks and start new businesses?

Accepted Answer

profit

Question 7

Attending school or a training program helps people invest in which of the following?

Accepted Answer

human capital

Question 8

A factory's warehouse would be considered which of the following productive resources?

Accepted Answer

capital

Questions 8