SSEF1 a,b,c,d

Front

Scarcity exists in all societies because:

Back

People's wants are unlimited and resources are limited.

Front

Economic theory of scarcity: limited resources require people to...

Back

make choices

Front

Iron ore used for metal beams is classified as?

Back

Land

Front

Human capital includes:

Back

A training course taken by employees of a manufacturing firm.

Front

Janice produces and sells clothing, leasing retail space and renovating her home for sewing. She imports materials and hires friends for various roles. What factor of production does she represent?

Back

entrepreneurship

Front

Investing in education improves a society's standard of living by enhancing its:

Back

human capital

Front

Scarcity: Limited resources cannot satisfy unlimited wants.

Back

Limited resources cannot satisfy unlimited wants.

Front

Scarcity is a relative concept, meaning that

Back

the scarcity of resources can change if wants or amounts of available resources change.

Front

NOT a productive resource:

Back

money

Front

Trey, a server and basketball team captain, faces a decision due to limited time: buy a car for $1,500 or stay on the team.

Back

Time is scarce so Trey must decide whether to buy the car as soon as possible or to keep his position on the team.