ECON: UNIT 1 TEST REVIEW (2018)

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Which of these is NOT a way we deal with Scarcity?

• Creating more resources
• Doing without something
• Making better use of our resources
• Expanding time

True or False: Most resources can be used for only one thing at a time.

• True 
• False

____________ are the products made in an economy. 

• Goods
• Services
• Consumption

______________________ are provided to you by a company. 

• Consumption
• Goods
• Services

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

What is this resource?

• human resource
• capital resource
• natural resource
• human and capital resource

Which one of these definitions best describe 'Opportunity Costs'?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.