Unit 1 & 2 Test Review #3
Quiz by April MacNamee
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16 questions
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- Q1what, how, and for whom?Three Economics Questions30s
- Q2efficiency question in economicsHow to produce it?30s
- Q3allocation question in economicsWhat to produce?30s
- Q4distribution question in economicsFor whom to produce it?30s
- Q5economic resources needed to produce goods and servicesfactors of production30s
- Q6land, labor, capital, entrepreneurshipthe four factors of production30s
- Q7natural resources not created by human effortland30s
- Q8All the human effort (time, abilities, talent) that goes into producing goods and serviceslabor30s
- Q9Includes all the resources made by people to produce goods and servicescapital30s
- Q10Tools, machinery, computers, & factoriesexamples of physical capital30s
- Q11College degrees, job training, & licensesexamples of human capital30s
- Q12buys goods and servicesconsumer30s
- Q13provides /makes goods and servicesproducer30s
- Q14using resources in a way that maximizes output (using them as effectively as possible)efficiency30s
- Q15focuses on big picture, global, large scale economicsmacroeconomics30s