Unit 1 Economics Final Exam Review

Front

What is the definition of scarcity?

Back

Unlimited human wants vs. a limited supply of resources.

Front

What is the implication of scarcity?

Back

Every choice involves trade-offs because resources are finite.

Front

Fill in the blank: Human resources are efforts (both physical and mental) provided by _____

Back

people

Front

Which of the following is an example of a human resource? Your ability to work, think, and create. Machinery. Solar energy. A car.

Back

Your ability to work, think, and create.

Front

What are natural resources?

Back

"Gifts of nature" that can be used for production.

Front

Which of the following is a renewable resource? Solar energy, Fossil fuels, Machinery, Haircuts

Back

Solar energy

Front

Exhaustible resources are limited and can be depleted.

Back

True

Front

What is the definition of capital goods?

Back

Man-made assets that aid in production.

Front

Which of the following is an example of a capital good? Machinery, Haircuts, Solar energy, A book

Back

Machinery

Front

Goods are tangible items you can see, touch, and feel.

Back

True