Econ Unit 1.A

Front

What does scarcity mean in economics?

Back

Wants are greater than resources

Front

Which is a natural resource used in production? A computer for work, Oil found underground, A trained engineer, A delivery vehicle

Back

Oil found underground

Front

What is the opportunity cost?

Back

The next best thing you give up

Front

Which describes human resources in a business?

Back

People working and their skills

Front

Which of these is an example of physical capital? Trees in a forest, Money spent on supplies, Machines used in a factory, Time people spend working

Back

Machines used in a factory

Front

A student chooses to read instead of going to a concert. What is the opportunity cost?

Back

The concert they do not attend

Front

Which is a productive resource for a company? Options: Its company logo, Its delivery truck, Its favorite advertisement, Its annual holiday party

Back

Its delivery truck

Front

A business buys new equipment instead of hiring staff. What is the opportunity cost?

Back

The workers not hired

Front

A government can build more schools or more roads. What is the opportunity cost of building schools?

Back

The new roads not constructed

Front

Why is scarcity always a problem in economics?

Back

People want more than is available