Economic Resources (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What makes economic resources scarce?
What makes economic resources scarce?
They are limited relative to demand
What is production?
What is production?
A process transforming inputs into outputs
Which of these is a capital good?
Which of these is a capital good?
Factory machinery
How many factors of production do economists typically recognise?
How many factors of production do economists typically recognise?
Four
What does capital mean as a factor of production?
What does capital mean as a factor of production?
Manufactured goods used in production
What role does enterprise play in production?
What role does enterprise play in production?
Coordinates and organises other factors
Revenue 5,000 USD, costs 3,200 USD. What is entrepreneurial profit?
Revenue 5,000 USD, costs 3,200 USD. What is entrepreneurial profit?
1,800 USD
What characterises renewable resources?
What characterises renewable resources?
Reproducible and perpetually maintainable
Why aren't clean air and water 'free gifts of nature'?
Why aren't clean air and water 'free gifts of nature'?
They are scarce and require resources
What is the opportunity cost of environmental protection?
What is the opportunity cost of environmental protection?
Alternative uses of resources foregone