Fundamental Econ Concepts (Unit Test) Study Guide Graded A+

What type of labor force might a pottery factory want to focus on when hiring? {Ans: highly skilled}In the lesson, you learned about Dave and his bakery. It was mentioned that "in one hour of work, Dave can make either 60 donuts or 30 bagels." Which might help Dave assess whether he should focus on bagels or donuts? {Ans: costumers prefer doughnuts}Which of the following is influenced by personal economic choices? Check all that apply. {Ans: the resources you have available the money you decide to spend on leisure products the amount of money you put into your savings account the manner in which you balance your time between work and leisure}What are the basic types of resources used by producers? Check all that apply. {Ans: capital labor land}Opportunity cost means that something needs to be {Ans: given up}Land is considered a resource because it {Ans: is used to produce things}John has a large apple orchard. He has decided to bake pies and sell them at the local farmer's market. Which best describes John's use of economics? {Ans: John is using available and renewable resources.}Which of the following statements about opportunity cost are