W1_Econ: Scarcity & FOPs

Front

Sofia and Andres are planning a community project and need to decide how to allocate their limited resources. What are they aiming to satisfy in economics?

Back

Their needs and wants

Front

Luther and Sofia are planning a community event but have a limited budget and many ideas for activities. What economic concept does this situation illustrate?

Back

Scarcity

Front

In a small town, Mia runs a bakery where she often finds that the ingredients she needs are limited, but the demand for her cakes is unlimited. Which term describes this situation?

Back

Scarcity

Front

In a small town, Emma runs a bakery where she makes bread and pastries to meet the needs and wants of the community. Who is Emma in this scenario?

Back

Producers

Front

When Makayla goes shopping, what are the physical items she can buy called?

Back

Goods

Front

In her economics class, Sophia is learning about different factors of production. Her teacher explains that land includes...

Back

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

Front

What does 'capital' mean in the context of Zariah and Enrique's project to create handmade crafts?

Back

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

Front

During a group project, Samuel and Madison were discussing the different roles people play in the economy. Samuel mentioned that labor refers to...

Back

people with all their physical and mental efforts and abilities

Front

Entrepreneurship refers to...

Back

individuals who take on the risk of organizing a business with the goal to create something of value

Front

Mateo is building a treehouse and needs to gather materials. Timber is an example of...

Back

Land