OTB Chapter 2 F20

Scarcity is

• The shortage of resources

• The surplus of resources

• Demand

• Supply

Factors of production are all of the components necessary to produce goods and services.

• True

• False

Select all that apply. What are the different types of resources?

• Natural

• Human

• Capital

• Entrepreneurial

• Financial

Which resources are found in nature?

• Natural

• Human

• Capital

• Entrepreneurial

Trees, fish, coal, and oil are examples of what type of resource?

• Natural

• Human

• Capital

• Entrepreneurial

The knowledge efforts and skills people bring to their work are called?

• Natural

• Human

• Capital

• Entrepreneurial

Things used over and over again for production are considered what type of resource? (machines, trucks, etc)

• Natural

• Human

• Capital

• Entrepreneurial

Improving ways resources are used or creating new ways to produce products is an example of what type of resource?

• Natural

• Human

• Capital

• Entrepreneurial

Economics studies how societies use resources to produce and distribute goods and services for people's consumption.

• True

• False

The type of economy where economic decisions are made in the market place according to the laws of supply and demand.

• Market

• Command

• Mixed