Economics

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

These are resources people use to make goods and services.

• Productive Resources

• Economic Resources

• Financial Resources

• Basic Resources

These productive resources are raw materials that come from nature or the earth that people use to make goods.

• Natural Resources

• Human Resources

• Capital Resources

These productive resources are goods made to produce for goods and provide more services.

• Natural Resources

• Human Resources

• Capital Resources

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following is not one of the three basic questions economists try to solve?

• What should be produced?

• How should it be produced?

• Who gets what is produced?

• When should it be produced?

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy