← Goal 7 - Economics Test
5 Written Questions
5 Matching Questions
- Durable Consumer Goods
- Immediate Gratification
- White-collar Workers
- a Typically work in offices; management
- b Those things which make our lives more comfortable but are not needed for survival; examples - cell phone, car, movie tickets, etc.
- c A large industrial building where workers (typically blue-collar) produce goods
- d When people make economic decisions based on short-term wants rather than long-term needs
- e Goods to satisfy consumer needs and wants that last for three or more year; examples - cars and appliances
5 Multiple Choice Questions
- Factor of production; workers
- Those things that are necessary for survival; example - food, water, shelter, etc.
- Breaks down a job into a series of specific tasks for maximum production
- Natural resources that cannot be replaced or cannot easily be replaced such as minerals and oil
- The overall cost of operating at a particular rate of production; Fixed costs + Variable costs
5 True/False Questions
Inputs → The factors of production; such as land, labor, capital, and entrepreneurship; used to produce outputs
Profit → Money left over after all expenses have been paid; the reward for the risk of entrepreneurs
Tradeoffs → Determined by supply and demand; producers and consumers
Scarcity → Factor or production; Any human-made resource that is used to create other goods and services or money for investment in the business
Goods → Those things that are necessary for survival; example - food, water, shelter, etc.