Economics

Question 1

Sam needs new appliances and ingredients for her restaurant. Sam needs more of this factor of production

Accepted Answer

Capital

Question 2

What is an example of capital?

Accepted Answer

A machine used to help create a product

Question 3

Supply is the amount of something, either a good or service, that is available to consumers

Accepted Answer

True

Question 4

What are natural resources?

Accepted Answer

Water, wind, land

Question 5

What is an example of a free good?

Accepted Answer

Air

Question 6

The physical space a business occupies is known as ____

Accepted Answer

Land

Question 7

A car wash is a _____

Accepted Answer

Service

Question 8

Bob was hired as a builder. Bob is an example of this factor of production.

Accepted Answer

Labor

Question 9

There are 100 people waiting in line at the shoe store. There is a _____ demand for shoes.

Accepted Answer

high

Question 10

Demand is how much people want an item/service

Accepted Answer

True

Question 11

What are human resources?

Accepted Answer

Labor, knowledge, skills

Question 12

Opportunity costs have ______ and _______ costs

Accepted Answer

Explicit, Implicit

Question 13

A sweatshirt is a _______

Accepted Answer

Good

Question 14

Someone who organizes a business and takes risks on decisions for financial gain is a ________

Accepted Answer

Entrepreneur

Question 15

Getting your car fixed by a mechanic is a _______

Accepted Answer

Service

Question 16

A backpack is a ______

Accepted Answer

Good

Question 17

People who use and buy goods are known as consumers

Accepted Answer

True

Question 18

The opportunity cost of any action is simply the next _____ alternative to that action.

Accepted Answer

Best

Questions 18