Scarcity Opportunity Cost and Factors of Production

Front

What is scarcity?

Back

Limited resources and unlimited wants

Front

Scarcity affects all societies.

Back

True

Front

Scarcity is the same as a shortage.

Back

False

Front

What does opportunity cost mean?

Back

The potential benefits that are given up when one alternative is chosen over another.

Front

What are a person's two limited resources?

Back

Money and time

Front

What is a need?

Back

Something you have to have to live

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?

Back

True

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

Front

Labor refers to...

Back

people with all their efforts and abilities