Econ-102-PSU-Exam-1 ACTUAL EXAM COMPLETE 60
QUESTIONS AND CORRECT DETAILED ANSWERS
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Scarcity ✔✔CORRECT ANSWER✔✔A situation in which the ingredients
for producing the things that people desire are insufficient to satisfy all
wants at a zero price
Production ✔✔CORRECT ANSWER✔✔Any activity that results in the
conversion of resources into products that can be used in consumption
Factors of Prduction ✔✔CORRECT ANSWER✔✔Land, Labor, Physical
Capital, Human Capital, Entrepreneurship
Land ✔✔CORRECT ANSWER✔✔The natural resources that are available
from nature. Land as a resource includes location, original fertility and
mineral deposits, topography, climate, water, and vegetation
Labor ✔✔CORRECT ANSWER✔✔productive contributions of humans
who work
, Physical Capital ✔✔CORRECT ANSWER✔✔all manufactured resources,
including buildings, equipment, machines, and improvements to land
that are used for production
Human Capital ✔✔CORRECT ANSWER✔✔The accumulated training and
education of workers
Entrepreneurship ✔✔CORRECT ANSWER✔✔The component of human
resources of human resources that performs the functions of raising
capital; organizing, managing, and assembling other factors of
production; making basic business policy decisions; and taking risks
Goods ✔✔CORRECT ANSWER✔✔All things from which individuals
derive satisfaction or happiness
Economic Goods ✔✔CORRECT ANSWER✔✔Goods that are scarce, for
which the quantity demanded exceeds the quantity supplied at a zero
price
Services ✔✔CORRECT ANSWER✔✔Mental or physical labor or
assistance purchased by consumers
Opportunity Cost ✔✔CORRECT ANSWER✔✔the highest-valued, next-
best alternative that must be sacrificed to obtain something or to satisfy
a want
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