Fundamentals of Economics 1

Question 1

The study of the choices people, businesses, and governments make when faced with scarcity.

Accepted Answer

Economics

Question 2

Natural resources used in the production of goods and services

Accepted Answer

Land

Question 3

The value of the next best alternative that was given up when a choice was made.

Accepted Answer

Opportunity Cost

Question 4

Any manufactured good that is used to produce other goods.

Accepted Answer

Capital

Question 5

Unlimited wants and needs in the face of limited resources

Accepted Answer

Scarcity

Question 6

The opportunity cost of spending $10 on a meal at Moes rather than on a frappucino from Starbucks

Accepted Answer

The pleasure of drinking the frappuccino

Question 7

All the inputs used in the production of goods and services; land, labor, and capital.

Accepted Answer

Factors of Production

Question 8

The mental and physical resources of the people who help produce other goods and services.

Accepted Answer

Labor

Question 9

The person or group responsible for bringing together all the other 3 factors of production

Accepted Answer

Entrepreneurship

Questions 9