Unit #1 Standard #1

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

Economics is...

• a study of the government

• a study of how business, people, and governments use limited resources to make choices

• the process of keeping financial accounts

The 4 Factors of Production are:

• Land, Money, Enterprise & Buildings

• Labor, Money, Raw materials, & Land

• Land, Labor, Needs, & Wants

• Land, Labor, Capital, & Entrepreneurship

Land is...

• the natural resources used to provide goods & services

• the people involved in providing goods and services

• the raw materials used to provide goods and services

• the bringing together of the other factors of production to provide goods and servies

All of the following are factors of production EXCEPT

• land

• money

• labor

• capital

Which of the following refers to the resource of land?

• bus drivers

• iron ore

• money

• machinery

Why does scarcity exist?

• limited wants, but unlimited resources

• the four factors of production are not available at the same time

• government control of the market

• limited resources, but unlimited wants

Why are all goods and services scarce?

• Some people want to have more goods than others

• All resources are scarce.

• Some goods cost more than others.

• Some things are needs and others are wants.

The idea that humans have unlimited wants but limited resources, is often called...

• scarcity

• efficiency

• finance

• demand

Pizza Oven

• Land

• Labor

• Capital

• Entrepreneurship