EPF Unit 1 Decision Making

Question 1

Manmade goods, such as tools, which are used to produce other goods.

Accepted Answer

Real / Physical Capital

Question 2

There are two types of capital resources, physical capital and the washington capital.

Accepted Answer

False

Question 3

The benefit gained by consuming one more of something.

Accepted Answer

Marginal Benefit

Question 4

The increase in a producer's total cost when it increases its output by one unit.

Accepted Answer

Marginal Cost

Question 5

The condition of not being able to have all the goods one wants due to limited resources.

Accepted Answer

Scarcity

Question 6

The skills and knowledge a person has acquired through experience and/or education.

Accepted Answer

Human Capital

Question 7

The second -best alternative that must be given up when making a choice.

Accepted Answer

Opportunity Costs

Question 8

Desires that can be satisfied by consuming or using a good or service.

Accepted Answer

Wants

Question 9

Natural resources, human resources, Capital resources and entrepreneurship

Accepted Answer

Factors of Production

Question 10

Ones who take calculated risks in order to start a new business & develop products & processes.

Accepted Answer

Entrepreneurs

Question 11

Decisions sometimes have unexpected results these unexpected results are called mistakes.

Accepted Answer

False

Question 12

The effort, loss or sacrifice necessary to achieve or obtain something.

Accepted Answer

Costs

Question 13

The giving up of one benefit or advantage in order to gain one regarded as more favorable

Accepted Answer

Trade Offs

Question 14

The opportunity cost of a choice is the value of the best alternative given up

Accepted Answer

True

Question 15

factors of production = natural resources, human resources,capital resources &entrepreneurship.

Accepted Answer

True

Question 16

The unexpected and unplanned results of a decision or action.

Accepted Answer

Unintended Consequences

Question 17

he effort of people which is applied to the production of goods and services.

Accepted Answer

Human Resources

Question 18

Things that we have that are in limited supply

Accepted Answer

Resources

Question 19

How resources are used to provide the goods and services to satisfy human wants is called

Accepted Answer

Economics

Question 20

Because of scarcity, consumers, businesses, and governments are forced to make choices.

Accepted Answer

True

Questions 20