Eco - Lessons 1-3

A computer purchased for home use is considered capital

A very rich person may not be able to get everything they want because

People make decisions based on

Entrepreneurs combine the factors of production in order to earn

There are no "all or nothing" decisions in life

Some things are so important, we should never calculate the costs

Everything has a cost, even if we are not the ones paying it

The payment we receive for the use of our labor is called

The things that really matter in life do not have costs associated with acquiring them.

When the government tells us something is free, it is usually because

The more stuff we get, the more stuff we want

Only government institutions are able use incentives to get people to do things.

Henry Ford is an example of which of the factors of production?

What we give up in order to get something else is called

Sample 2 - Learning economics will help us make better decisions in every area of life

All choices involve costs. This is due to the principle of

Getting a good grade in a class is which kind of incentive?

Another word for "marginal" is

Which group would most likely use incentives to get us to buy a product or service?

Happiness and satisfaction are incentives

Capital is a factor of production that includes

The products we want are limited in supply because

Sample 3 - If a person has lots and lots of money, they really don't need to learn economics

Humans have unlimited needs, but only a limited number of wants

Crude oil and natural gas are examples of which factor of production

Sample 1: Mr. Ledyard likes to play songs that relate to the lessons

True or False: People only do what they want to do

If something is created by humans, it cannot be considered a land resource

Our choice to take "one more" of something depends on incentives

Scarcity forces us to