Scarcity & Economic Reasoning

Front

What is the term for the value of the next best alternative that is given up when a choice is made?

Back

Opportunity Cost

Front

Which of the following is NOT one of the economic questions? For Whom to Produce? What to Produce? How to Produce? Why to Produce?

Back

Why to Produce?

Front

Select the sentence which best defines scarcity

Back

People have unlimited wants and needs but there are limited resources to satisfy those wants and needs

Front

__________ are responsible for turning resources into finished goods and services for __________ to purchase and utilize. Options: Consumers, producers; Governments, households; Individuals, Businesses; Producers, consumers

Back

Producers, consumers

Front

How do consumers typically respond to scarcity in the market?

Back

By making informed choices that prioritize their needs

Front

What is the definition of "land" in economic terms?

Back

Natural resources used in production

Front

Which of the following best describes "labor"?

Back

The effort used in the production of goods and services for which an individual is paid

Front

What is the role of entrepreneurship in the economy?

Back

To innovate and create new products or services

Front

Why are land, labor, capital, and entrepreneurship necessary for producing goods?

Back

They collectively contribute to the efficiency of production

Front

Which of the following is an example of capital? A farmer's field, A factory machine, A group of workers, An entrepreneur's idea

Back

A factory machine