Goals, Resources, Scarcity

In Economics, (a)   are things you want to have or do.

• hopes
• dreams
• goals
• scarcity

(a)   can help you achieve your goals.

• Resources
• Decisions
• Alternatives
• Scarcity

Water, oil, crops, minerals are examples of (a)   .

• Human capital
• Entrepreneurship
• Physical capital
• Natural resources

The skills, abilities, knowledge you possess that make you a productive member of society are called (a)   .

• Human capital
• Entrepreneurship
• Physical capital
• Natural resources

Things that are made for producing other goods and services are called_____

• Human capital

• Entrepreneurship

• Physical capital

• Natural resources

The ability to combine other resources in new and different ways for the purpose of earning a profit is known as (a)   .

• Human capital
• Entrepreneurship
• Physical capital
• Natural resources

Scarcity exists because_______.

• We don't have enough resources

• We are poor.

• Our resources are insufficient to satisfy our wants(goals).

A senior in high school primarily has (a)   .

• Human capital
• Entrepreneurship
• Physical capital
• Natural resources

True or False: Being rich eliminates the concern for scarcity.

• True

• False

What is one strategy to help a person deal with scarcity?

• There is no strategy to deal with scarcity. It's unavoidable, like death and taxes.

• prioritize your needs over your wants by creating a budget

• be as cheap as possible

• don't overspend on expensive items