econ

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 
• Tradeoff
• Scarcity 
• Equity 

The highest-valued alternative that must be given up to engage in an activity.

• Scarcity 
• Factors of Production 
• Innovation
• Opportunity Cost 

There are 4 _______________. They are land, labour, capital and entrepreneurship.

• Factor of Production 
• Market Economy 
• Profit 
• Economics 

A group of buyers and sellers which come together to trade

• Trade 
• Market 
• Macroeconomics
• Economic Model 

Man-made resources used in the production process i.e. machines in a factory.

• Labour
• Capital
• Household
• Revenue 

Organizing land, labour and capital (factors of production), in the production of goods or services is called  

• Entrepreneurship 
• Mixed Economy 
• Profit 
• Planned Economy 

If you want to open a restaurant, you will need waitstaff. Waitstaff are

• Labor
• Human capital
• Physical capital
• Land

The trees used to make lumber to build a new house is which factor of production?

• Labor
• Physical Capital
• Capital
• Land

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics
• Scarcity
• Capitalism
• Entrepreneurs

The reason why you cant have everything you want is because of 

• Opportunity Cost
• Scarcity
• Incentive 
• Choice