CE 11A : Economic Concepts

Front

What is the definition for Scarcity?

Back

The inability to satisfy all wants at the same time

Front

What is the definition for Resources?

Back

Factors of production that are used in the production of goods and services

Front

What is the definition for Choice?

Back

Selection of an item or action from a set of possible alternatives

Front

What is the definition for Opportunity Cost?

Back

Is what is given up when a choice is made (the second best alternative)

Front

What is the definition of Production?

Back

Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

Front

What is the definition of Consumption?

Back

Use of goods and services

Front

True or False : All choices have opportunity cost

Back

True

Front

True or False : We have limited wants and our resources are unlimited.

Back

False

Front

True or False : Scarcity does not force consumers, producers, and government to make difficult choices.

Back

False

Front

True or False : All resources and goods are limited

Back

True