Micro

Scarcity causes economic problem. Which of the following statements is true about scarcity?

• Scarcity is our inability to satisfy all of our wants.
• Scarcity problem arises because our wants are greater than resources available.
• The poor and the rich both face scarcity.
• All of the above.

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

• Human resources or Labor

• Land

• Capital

• Entrepreneurship

The local power plant is under what factor production?

• Labor or Human resources

• Capital

• Land

• Entrepreneurship

This is basically the ideas that go into the process of creating a good or providing a service.

• Capital

• Entrepreneurship

• Land

• Labor

Rizal Park is under what factor of production?

• Land

• Capital

• Natural Resource

• Entrepreneurship

An untapped deposit of natural gas is under what factor of production?

• Natural Resource

• Capital

• Labor

• Land

Goods made by people to be used specifically to produce goods and services: Tools, office equipment, roads, factories, etc.

• Labor

• Land

• Entrepreneurship

• Capital

An unemployed factory worker is under what factor of production?

• Labor

• Capital

• Natural resource

• Land

In order to save cost, the “Milk Industry” should use more labour than machine. This statement refers to ______________.

• What product should be produce?

• Where product should be produce?

• For whom product should be produce?

• How product should be produce?

The library building on your campus is under what factor of production?

• Labor

• Capital

• Land

• Entrepreneurial Skills