Fundamental econ concepts (unit test) – Flashcards
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Which of the following are considered needs? Check all that apply.
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water, residence, food
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Which of the following would be a producer?
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someone owning a bookstore
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The factors of production attempt to instill the idea that resources are
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limited
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What type of labor force might a pottery factory want to focus on when hiring?
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highly skilled
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Which of the following would be considered a nonrenewable resource?
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the petroleum used to make trash bags
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John has a large apple orchard. He has decided to bake pies and sell them at the local farmer's market. Which best describes John's use of economics?
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John is using available and renewable resources.
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What are the basic types of resources used by producers? Check all that apply.
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capital labor land
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One of the purposes of studying economics is to understand the
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principles that influence the production of services.
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Land is considered a resource because it
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is used to produce things
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What is an example of goods?
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a computer game
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Which of the following is influenced by personal economic choices? Check all that apply.
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the resources you have available the money you decide to spend on leisure products the amount of money you put into your savings account the manner in which you balance your time between work and leisure
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In the lesson, you learned about Dave and his bakery. It was mentioned that "in one hour of work, Dave can make either 60 donuts or 30 bagels." Which might help Dave assess whether he should focus on bagels or donuts?
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costumers prefer doughnuts
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Which of the following statements about opportunity cost are true? CHECK ALL THAT APPLY.
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It exists because resources are scarce. It influences consumers. It influences producers.
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Opportunity cost means that something needs to be
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given up
