ECON 1500 Exam #1 Questions and
Answers (Top Grade Assured) 2026
Update
What is Economics? - Correct Answers ✅The study of
people and the choices they make in a world of scarcity.
4 Themes of Economics - Correct Answers ✅-Definition of
Economics
-Definition of supply
- Definition of Demand
-Mutually Beneficial Voluntary Exchange (if the trade is
voluntary both parties benefit.)
Scarcity: - Correct Answers ✅Anything that has a positive
price is scarce.
-A thing that is add to be "scarce" if, at a zero price
4 Basic groups of Resources - Correct Answers ✅1. Land
2. Labor
3. Capital
4. Entrepreneurial Abilities
Land Resource - Correct Answers ✅all natural resources, or
gifts of nature
, ECON 1500 Exam #1 Questions and
Answers (Top Grade Assured) 2026
Update
Labor Resource - Correct Answers ✅The physical and
mental effort of workers
Capital Resource - Correct Answers ✅man made resources
used in producing things.
-Physical Capital: " "
-Human Capital: The know-How: school to make yourself
more marketable (knowledge)
Entrepreneurial Abilities - Correct Answers ✅-The human
resource that organizes labor, land, and capital
- Take more risks
- Notice a need that is not being met
-License: research ( word of mouth); main employers/ creator
of jobs; open for progress; see them as heroes.
Scarce Resources Questions - Correct Answers ✅1. What is
to be produced? what the consumer wants
2. how will it be produced? The way it has more net gain than
the consumer
3. When will it be produced? ex. Christmas Trees not in July
4. Who is going to get it? The value determined by taste and
preferences.
Answers (Top Grade Assured) 2026
Update
What is Economics? - Correct Answers ✅The study of
people and the choices they make in a world of scarcity.
4 Themes of Economics - Correct Answers ✅-Definition of
Economics
-Definition of supply
- Definition of Demand
-Mutually Beneficial Voluntary Exchange (if the trade is
voluntary both parties benefit.)
Scarcity: - Correct Answers ✅Anything that has a positive
price is scarce.
-A thing that is add to be "scarce" if, at a zero price
4 Basic groups of Resources - Correct Answers ✅1. Land
2. Labor
3. Capital
4. Entrepreneurial Abilities
Land Resource - Correct Answers ✅all natural resources, or
gifts of nature
, ECON 1500 Exam #1 Questions and
Answers (Top Grade Assured) 2026
Update
Labor Resource - Correct Answers ✅The physical and
mental effort of workers
Capital Resource - Correct Answers ✅man made resources
used in producing things.
-Physical Capital: " "
-Human Capital: The know-How: school to make yourself
more marketable (knowledge)
Entrepreneurial Abilities - Correct Answers ✅-The human
resource that organizes labor, land, and capital
- Take more risks
- Notice a need that is not being met
-License: research ( word of mouth); main employers/ creator
of jobs; open for progress; see them as heroes.
Scarce Resources Questions - Correct Answers ✅1. What is
to be produced? what the consumer wants
2. how will it be produced? The way it has more net gain than
the consumer
3. When will it be produced? ex. Christmas Trees not in July
4. Who is going to get it? The value determined by taste and
preferences.
