VA SOL - 11 - 12 - Economics

Front

______ is the inability to satisfy all wants at the same time because all resources and goods are limited.

Back

scarcity

Front

_______ are factors of production that are used in the production of goods and services. Examples are natural, human, capital, and entrepreneurship

Back

resources

Front

A tree is what type of resource?

Back

natural

Front

A tractor is what type of resource?

Back

capital

Front

______ - is a selection of an item or action from a set of possible alternatives.

Back

choice

Front

______ - is what is given up when a choice is made (the second best alternative.

Back

opportunity cost

Front

What is Sally's opportunity cost by choosing to buy the sweater?

Back

saving the money

Front

______ - is the combining of the four resources to make goods or provide services.

Back

production

Front

______ - is the using of goods and services.

Back

consumption

Front

What type of economy is based on custom and historical precedents?

Back

traditional