1.1 Scarcity

1 Scarcity

Open Ended

Economics is

the study of _____________ that deal with the problem of _____________

Open Ended

Not having enough of something is ___________

Open Ended

People have unlimited _________

but limited RESOURCES.

This forces them to make choices.

Multiple Choice

Your 2nd choice is also called ___________

• trade off

• opportunity cost

Multiple Choice

Everything else that you gave up is called _______

• trade offs

• opportunity cost

Multiple Choice

FACTORS of PRODUCTION and RESOURCES are the same thing

• true

• false

Multiple Choice

What is the acronym associated with FACTORS OF PRODUCTION?

• LLCE

• PINER

• SCENT

Multiple Choice

Which is an example of LABOR?

• fast food cashier

• coal

• stocks and bonds

Multiple Choice

Which is an example of LAND?

• dentist

• the stock market

• apples

Multiple Choice

Which is an example of CAPITAL?

• community college

• professional soccer player

• lawn mower

Multiple Choice

What is an example of ENTREPRENEURSHIP?

• School teacher

• CEO of Toyota

• Owner of local plumbing company

Open Ended

In our economy, we trade money for goods and services. Give an example of EACH.

_______

_______

ALWAYS keep the acronyms in order. Land comes 1st.

Multiple Choice

Another acronym!

LLCE is the acronym for resources. What is the acronym for the INCOME they earn?

• PINER

• SCENT

• WRIP

Multiple Choice

Which one is correct?

• Land---Proft

  Labor---Rent

  Capital---Wages

  Entrepreneurship---Income

• Entrepreneurship--Rent

  Capital---Profit

  Land--Income

  Labor--Wages

• Labor---Wages

  Land --- Rent

  Capital --- Interest

  Entrepreneurship --- Profit