Econ 102 Quiz 5 UPDATED Actual Exam Questions and CORRECT Answers
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Course
Econ 102
Institution
Econ 102
Econ 102 Quiz 5 UPDATED Actual Exam
Questions and CORRECT Answers
3 main factors of production - CORRECT ANSWER- land, labor, capital
3 other factors of production - CORRECT ANSWER- time, entrepreneur, finance
why do entrepreneurs take risks - CORRECT ANSWER- because time is unknown
Econ 102 Quiz 5 UPDATED Actual Exam
Questions and CORRECT Answers
3 main factors of production - CORRECT ANSWER✔✔- land, labor, capital
3 other factors of production - CORRECT ANSWER✔✔- time, entrepreneur, finance
why do entrepreneurs take risks - CORRECT ANSWER✔✔- because time is unknown
Why are entrepreneurs important? - CORRECT ANSWER✔✔- they bring all the capital,
land, and labor and they have to anticipate a demand for a good/service
Land is a metaphor for... - CORRECT ANSWER✔✔- all the natural resources (gifts of
nature)
Natural resources need to be transformed... - CORRECT ANSWER✔✔- in order to be usable
Homesteading principle - CORRECT ANSWER✔✔- if you find a piece of land that's unused
and unowned, you can make it yours by fencing it, bringing labor to it, and protecting it
Something has value if it is - CORRECT ANSWER✔✔- scarce
ex: air is limited so it's scarce
marginal analysis - CORRECT ANSWER✔✔- seeing if the benefits of an action overpower
the costs of that action
environmental decisions are made by - CORRECT ANSWER✔✔- market participants
labor represents... - CORRECT ANSWER✔✔- human effort
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