Virginia Tech

EC 201

EC201 Chapter 1 Assignment Sheet

1)What are the factors of production? Give two examples of capital.

2. Describe an example of an opportunity cost in your personal life.

3. What role do entrepreneurs play in an economy?

4. Explain what it means when an economy is producing “inside” the production possibilities curve.

5. How does a mixed economy allocate goods and services?

6. Define economics