2. Topic 1Topic 2Topic 3Topic 4Topic 5 10 20 30 40 50

3. Question 1 - 10 The picture is which factor of production?

4. Answer 1 – 10 What is capital?

5. Question 1 - 20 The picture is which Factor of Production?

6. Answer 1 – 20 What is land? (natural resources)

7. Question 1 - 30 The picture is which factor of production?

8. Answer 1 – 30 What is labor (human resources)?

9. Question 1 - 40 The picture is which Factor of Production?

10. Answer 1 – 40 What is Entrepreneurship

11. Question 1 - 50 The picture is which Factor of Production?

12. Answer 1 – 50 What is capital

13. Question 2 - 10 Land, labor, capital and entrepreneurship are.....

14. Answer 2 – 10 What is – FACTORS OF PRODUCTION

15. Question 2 - 20 The term for the value of the next best alternative that has to be given up for the action that is chosen

16. Answer 2 – 20 What is – OPPORTUNITY COST

17. Question 2 - 30 The basic problem of economics...

18. Answer 2 – 30 SCARCITY LIMITED RESOURCES/UNLIMITED WANTS

19. Question 2 - 40 Which economic system is the easiest to start your own business?

20. Answer 2 – 40 WHAT IS – MARKET SYSTEM

21. Question 2 - 50 The French term for pure capitalism

22. Answer 2 – 50 What is laizze faire?

23. Question 3 - 10 If I produce 30 widgets or 50 widgets on my job, I will be paid the same. The market system...

24. Answer 3 – 10 What is the Command System?

25. Question 3 - 20 I will work the sheep herd that my parents have been working. I will learn the skills needed from my parents. The economic system is...

26. Answer 3 – 20 What is the – TRADITIONAL ECONOMIC SYSTEM

27. Question 3 - 30 Workers and businesses face uncertainty as a result of competition and change but production is a large variety of goods and services because there will be no (or very little) government interference. The economic system is...

28. Answer 3 – 30 What is the MARKET SYSTEM?

29. Question 3 - 40 Another term for a capitalism system...

30. Answer 3 – 40 What is the – MARKET SYSTEM?

31. Question 3 - 50 Good/Service/Both?

32. Answer 3 – 50 What is – BOTH?

33. Question 4 - 10 Good/Service/Both?

34. Answer 4 – 10 What is – Goods?

35. Question 4 - 20 Good/Service/Both?

36. Answer 4 – 20 What is – SERVICE?

37. Question 4 - 30 This occurs when demand exceeds supply. It happens more short term and is only temporary.

38. Answer 4 – 30 What is – SHORTAGE?

39. Question 4 - 40 This deals with behavior and decision making by small units such as individuals and firms.

40. Answer 4 – 40 What is – MICROECONOMICS?

41. Question 4 - 50

42. Answer 4 – 50

43. Question 5 - 10

44. Answer 5 – 10

45. Question 5 - 20

46. Answer 5 – 20

47. Question 5 - 30

48. Answer 5 – 30

49. Question 5 - 40

50. Answer 5 – 40

51. Question 5 - 50

52. Answer 5 – 50