Basic Economic Concepts Review

Front

Scarcity means:

Back

Not enough of something you wanted

Front

What is an economic want?

Back

Things people would like to have.

Front

Who is affected by the condition of scarcity?

Back

All societies

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

Front

TRUE or FALSE: We can have everything that we want because we have unlimited resources.

Back

FALSE

Front

which of the following would be CAPITAL: a machine, a box of cereal, water, a new risky idea?

Back

a machine

Front

Which of the following would NOT be land: water, minerals, toothpaste, crude oil?

Back

toothpaste

Front

Economics is the study of how individuals _________ to allocate (distribute) their scarce resources!

Back

choose

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