3. To what part of an industry does a worker’s education contribute?
a. technology
b. physical capital
c. human capital
d. scarce resources
Answer is c. human capital
4. Which of the following is an entrepreneur?
a. a person who earns a lot of money as a singer or dancer
b. a person who creates a game and sells it to a game manufacturer
c. a person who starts an all-organic cleaning supplies business that employs others
d. a person who works as a highly paid computer programmer
Answer is c. a person who starts an all-organic cleaning supplies business that employs others
6. What does an economist mean by the term LAND?
a. farmland only
b. food crops grown on farmland as well as the farmland itself
c. goods and services that are produced form the land
d. all natural resources used to produce goods and services
Answer is d. all natural resources used to produce goods and services!
Making Economic Decisions
The most desirable of the options you pass up is called the Opportunity Cost
Rank sleep, studying, and playing video games 1st, 2nd, and 3rd on a list for what you value the most
An economy that is efficient is producing the maximum amount of goods and services .. now that’s efficient!