Scarcity & Economic Systems Review

Front

What term refers to the principle that society has limited resources and therefore cannot produce all the goods & services people wish to have?

Back

scarcity

Front

Which of the following is NOT an example of scarcity?
Options:
Only some people can afford to buy a BMW automobile
Not everyone in society can achieve the highest possible living standard to which they might aspire
Miranda has an unlimited supply of Oranges in her magical orchard.

Back

Miranda has an unlimited supply of Oranges in her magical orchard.

Front

Economics is the study of how society manages its unlimited wants and limited resources

Back

unlimited wants and limited resources

Front

Approximately what percentage of the world's economies experience scarcity?

Back

100%

Front

Factors of production are...

Back

Used to produce goods and services

Front

In economics, the term "physical capital" refers to...

Back

buildings and machines used in the production process

Front

Which of the following is NOT a factor of production? Land, Labor, Human Capital, Money

Back

Money

Front

Which of the following is "human capital" necessary for producing a new video game?
Slaves,
Knowledge regarding programming languages,
Hammers & Screw Drivers,
Carrots

Back

Knowledge regarding programming languages

Front

Which of the following is an example of "land" necessary to produce "steel"? Options: Iron Ore, How should I know where they produce steel?, The Pittsburgh Steelers, Factories

Back

Iron Ore

Front

A Hunter-Gatherer tribe's efforts to collect enough food in order to survive would be an example of a...

Back

Traditional Economy