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Match the definition to the term

5. Which of the following are factors of production?. Capital and landScarcity and shortagesTechnology and productivityEconomics and business decisions. 6. Which of the following is an example of using physical capital to save time and money?. Hiring more workers to do a jobBuilding extra space

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Match the definition to the term

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    1. 1-7-10

    2. Match the definition to the term Goods Economics Shortage Labor the study of how people seek to satisfy their needs and wants by making choices a situation in which a good or service is unavailable physical objects such as clothes and shoes the effort that people devote to a task for which they are paid

    3. 5. Which of the following are factors of production? Capital and land Scarcity and shortages Technology and productivity Economics and business decisions

    4. 6. Which of the following is an example of using physical capital to save time and money? Hiring more workers to do a job Building extra space in a factory to simplify production Switching from oil to coal to make production cheaper Lowering workers’ wages to increase profits

    5. 7. To what part of an industry does a worker’s education contribute? Technology Physical capital Human capital Scarce resources

    6. 8. Which of the following is an entrepreneur? A person who earns a lot of money as a singer or dancer A person who creates a game and sells it to a manufacturer A person who starts an all-organic cleaning supplies business and employs others A person who works as a highly paid computer programmer

    7. 9. What is the difference between a shortage and scarcity? A shortage can be temporary or long term, but scarcity always exists. A shortage results from rising prices; scarcity results from falling prices. A shortage is a lack of all goods and services; scarcity concerns a single item. There is no real difference between a shortage and scarcity.

    8. 10. What does an economist mean by the term land? Farmland only Food crops grown on farmland as well as the farmland itself Goods and services that are produced from the land All natural resources used to produce goods and services.

    9. Scarcity and the Factors of Production What resources are scarce in your everyday life?

    10. 1. I can explain why scarcity and choice are basic problems of economics

    11. 2. I can identify land, labor and capital as the three factors of production, and identify the two types of capital.

    13. 4. I can explain why economists say all resources are scarce Scarcity vs. Shortage Is time considered a resource? Create a pie chart that shows the breakdown of a typical 24 hour school day.

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