1.2 Econ Formative

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1.2 Econ Formative

LT 1.2. I can identify the factors of production and understand that scarcity of these resources limits production of goods and services.

MUST SCORE 3/4 to pass this quiz. Retake as many times as needed!

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First name *

Last name *

Class hour *

Hour 1

Hour 2

Hour 3

Hour 4

Hour 5

1. If all resources are _____, then all goods and services are ___. *

1 point

scarce, unavailable

expensive, unavailable

unavailable, low-priced

scarce, scarce

2. What is the best title for this list? Innovator, Strategist, Risk Taker *

1 point

Capitalist

Entrepreneur

Investor

Laborer

3.Which of the following are factors of production? *

1 point

Land and Money

Scarcity and Land

Labor and technology

Capital and Labor

4. If you owned a jewelry store and needed to hire someone that was knowledgeable in gemstones and metals, which factor of production would this KNOWLEDGE AND EXPERIENCE BE categorized as? *

1 point

Human capital

Physical capital

Productivity

Skill

Self-assessment: How well do you feel you know the content of this quiz? *

I guessed on every answer

I knew all the answers- didn't even have to use my notes!

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