economic resources or factors of production

Question 1

factors of production

Answer 1

land
capital
labor
entrepreneurship

Question 2

soil and natural resources that can be found in nature and are not manmade

Answer 2

land

Question 3

man made resources used in the production f goods and services

Answer 3

capital

Question 4

physical and human effort exerted in production

Answer 4

labor

Question 5

develops an idea into a business

Answer 5

entrepreneurship

Question 6

a condition where there are insufficient resources to satisfy the needs and wants of a population

Answer 6

scarcity

Question 7

scarcity can be classified as:

Answer 7

relative
absolute

Question 8

when the goods are scarce compared to its demand

Answer 8

relative scarcity

Question 9

when the supply is limited

Answer 9

absolute scarcity

Question 10

deciding between two or more possible alternative objects or actions

Answer 10

choice

Question 11

refers to the value of foregone alternative

Answer 11

opportunity cost

Question 12

characteristics of resources:

Answer 12

scarcity
multiple use
partially replaceable

Question 13

insufficient resources to supply all the desires and needs of individuals

Answer 13

scarcity

Question 14

resources can have more than one possible use

Answer 14

multiple use

Question 15

one resource can replace another in the production of a good or service

Answer 15

partially replaceable

Question 16

studying the life of man and how he is living with other
people

Answer 16

economic as social science

Question 17

study of how theories work in practice

Answer 17

applied economics

Question 18

composed of principles and concepts in economics

Answer 18

economic theory

Question 19

represents the economic theories through tables, graphs, mathematical equations, and diagrams to better understand the economic events

Answer 19

economic model

Question 20

a science of making choices

Answer 20

economics

Question 21

deals with the allocation of scarce resources to meet the unlimited human wants

Answer 21

economics as social science

Question 22

applies economics theory and econometrics in specific setting with the goal of analyzing potential outcomes

Answer 22

economics as applied science