5 Written Questions

1. The demand of consumers
2. Machinery, buildings, etc.; anything man made that contributes to productivity
3. Determined by supply and demand; producers and consumers
4. An economic resource (factor of production); property
5. The goods and services the economy produces using inputs (the factors of production)

5 Matching Questions

1. Factory
2. Durable Consumer Goods
3. Wants
4. Immediate Gratification
5. White-collar Workers

1. a Typically work in offices; management
2. b Those things which make our lives more comfortable but are not needed for survival; examples - cell phone, car, movie tickets, etc.
3. c A large industrial building where workers (typically blue-collar) produce goods
4. d When people make economic decisions based on short-term wants rather than long-term needs
5. e Goods to satisfy consumer needs and wants that last for three or more year; examples - cars and appliances

5 Multiple Choice Questions

1. Factor of production; workers
   1. Labor
   2. Factory
   3. Wants
   4. Land
2. Those things that are necessary for survival; example - food, water, shelter, etc.
   1. Needs
   2. Wants
   3. Goods
   4. Land
3. Breaks down a job into a series of specific tasks for maximum production
   1. Innovation
   2. Division of Labor
   3. Labor
   4. Assembly Line
4. Natural resources that cannot be replaced or cannot easily be replaced such as minerals and oil
   1. Variable Costs
   2. Non-Durable Consumer Goods
   3. Renewable Resources
   4. Non-Renewable Resources
5. The overall cost of operating at a particular rate of production; Fixed costs + Variable costs
   1. Variable Costs
   2. Fixed Costs
   3. Marginal Costs
   4. Total Costs

5 True/False Questions

1. Inputs → The factors of production; such as land, labor, capital, and entrepreneurship; used to produce outputs

   True        False

2. Profit → Money left over after all expenses have been paid; the reward for the risk of entrepreneurs

   True        False

3. Tradeoffs → Determined by supply and demand; producers and consumers

   True        False

4. Scarcity → Factor or production; Any human-made resource that is used to create other goods and services or money for investment in the business

   True        False

5. Goods → Those things that are necessary for survival; example - food, water, shelter, etc.

   True        False