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Scarcity Opportunity Cost and Factors of Production
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
Student preview
20 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is scarcity?
Back
Limited resources and unlimited wants
2.
FLASHCARD QUESTION
Front
Scarcity affects all societies.
Back
True
3.
FLASHCARD QUESTION
Front
Scarcity is the same as a shortage.
Back
False
4.
FLASHCARD QUESTION
Front
What does opportunity cost mean?
Back
The potential benefits that are given up when one alternative is chosen over another.
5.
FLASHCARD QUESTION
Front
What are a person's two limited resources?
Back
Money and time
6.
FLASHCARD QUESTION
Front
What is a need?
Back
Something you have to have to live
7.
FLASHCARD QUESTION
Front
Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?
Back
True
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