Fundamentals Economics 1

Scarcity

• a basic condition that exists when unlimited wants exceed limited productive resources.

• a basic condition that exists when limited wants exceed unlimited productive resources.

• a basic condition that exists when unlimited productive resources exceed limited wants.

• a complex condition that exists when unlimited wants exceed limited productive resources.

Which of the following is not one of the productive resource?

• Land

• labor

• capital

• entrepreneurship

• Gross Domestic Product

Productive Resources are also known as...

• Needs

• Factors of Production

• Factors of Supply

• Wants

Needs are defined as

• Things that are nice to have

• Things that are required to have

• connect your thigh and shin bone

• are required be the government

Wants are defined as

• Things that are desired but not necessary

• Things that are necessary but not desired

• Things that are neither necessary nor desired

• Things that are both necessary and desired

Choices are necessary because..

• Unlimited wants and needs exceed limited productive resources

• Unlimited productive resources exceed wants and needs

• Choices aren't necessary

• Limited wants and needs exceed limited productive resources.

The biggest problem that is ever existed in the world?

• Strep Throat

• Texting while driving

• Students who don't care

• Scarcity

which productive resources are workers at a business are known as

• Land

• Labor

• Capital

• Entrepreneurship

Entrepreneurship is

• when a person starts or purchases a business and assumes majority of the risk and profits.

• When a person purchases a small portion of a business and assumes very little risk and few profits.

• When a person manages a business and earns a yearly salary.

• When a person stars or purchases a business but assumes no risk or profits.

Which of the following is not a reason people choose to become entrepreneurs?

• Profit

• to improve society

• innovation

• to create jobs

• To stick it to the man