About Decisions Unit Test Review

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

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

Revenue - Costs =

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

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

Because of scarcity, we are forced to make

Which factor of production does the following represent: Coal

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

Which factor of production does the following represent: Elon Musk

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

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 an example of a service?

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

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

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

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

Which factor of production does the following represent: NFL Players

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

What is scarcity?

Which of the following is not a need?

Which of the following is NOT a type of capital?

An opportunity cost is…

Includes people with all their efforts.

Natural resources that are not created by human effort.

Which factor of production does the following represent: Wood

Which factor of production does the following represent: Bulldozer

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