Factors of Production
Notes/Activities questions
From our Notes:
More Questions
Anything Goes
100
The effort that people devote to a task for which they are paid
What is Labor
100

Shows alternative ways to use an economy's resources (hint the name is on the graph page 12)

What is production possibilities curve

100
A nation must choose between producing more or less military or consumer goods.
What is guns or butter
100

Why is it harder to replace a professional athlete than a cashier at Walmart?

What is a Walmart cashier has common skills, a professional athlete is highly skilled. 
100

Mr Feucht teaches what other classes on campus?

What is Freshman Seminar & Health and Wellness

200
Natural resources that are used to make goods and services
What is Land
200

What was the opportunity cost of making only smiley faces?

What is paper rings

200
Limited quantities of resources - long term
What is scarcity
200

What makes something scarce?

What is both in demand and hard to get (limited)

200

What local city did Mr Feucht grow up in?

What is Hughson

300
Ambitious leader who combines land, labor, and captial to create & market new goods or services
What is Entrepreneur
300

What is a tradeoff?

what is Choosing one thing over another because of scarcity (can't do both things)

300
Limited quantity of resources - temporary
What is shortage
300
This entrepreneur invented Microsoft
What is Bill Gates
300
The class you are sitting in right now is
What is economics
400
All human made goods that are used to produce other goods & services; tools & buildings
What is physical capital
400

When making rings/faces when did you experience underutilization/inefficiency?

What is when we had to fire someone and use less materials

400
The study of how people seek to satisfy their needs & wants by making choices
What is economics
400

There are 3 types of capital: what are they?

What is physical capital, what is human capital, what is financial capital. 

400

What should Mr Feucht be more strict about?

What is cell phones!  I should put it away but I am totally addicted but in denial about it.

500
The skills & knowledge gained by a worker through education & experience
What is human capital
500

If a point is placed inside the frontier production is

What is underutilized

500

Explain the difference between Wants and Needs

What is needs are for survival, wants are everything extra beyond that

500
This type of person creates a business to make a profit
What is entrepreneur
500

What sports does Mr. Feucht coach?

What is Water polo, Soccer & Swim. 

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