Economics Test (03/25)

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What is entrepreneurship?

The person that takes a risk to start a business

When producing goods and services, what do businesses desire to do?

use limited resources in the best way they can

division of labor

when workers are assigned a specialized task or job

Things that are made ...

Goods

Every time we make an economic choice, what two things occur?

A benefit and a cost

How can a business improve productivity?

All of the above

How is the value of each purchase of choice we make decided?

By looking at the missed opportunity

Why is productivity important to businesses?

In order to make goods/ services cheaper in increase profits

What does opportunity cost mean?

It is when a person gives up when they make a choice

What is capital?

Money and all things that are needed to produce a good or service

What are the four factor's of production?

Natural Resources, Labor, Capital and Entrepreneurship

What is unlimited and endless in economics?

Needs and Wants

What is labor?

People that perform work to do something

Anything that is used to make a good or service

Resources

What is limited in economics?

Resources

What is the main economic problem?

Scarcity

Work performed for another person

Services

What does scarcity mean?

There is not enough of something

What are natural resources?

Things found on Earth

Things people may desire to have but are not necessary for survival

Wants

capital resources

anything a business buys in order to make goods such as tools and equipment

Because of scarcity, what do we have to make?

choices

The things that people need and want are classified into

goods and services

specialization

is when a business focuses on producing a specific type of good or service

How do consumer's benefit from companies being more productive?

less expensive goods

What is the main goal of a business?

make a profit

The knowledge gained from studying economics will enable you to ...

make wiser economic decisions throughout your life

Economics is all about ....

making decisions

profit

money a business makes after expenses

productivity

the amount of good or services workers can produce in a period of time.

What is a need?

things we need to survive


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