Scarcity and Opportunity Costs

What is the main problem in economics?

• scarcity

• shortage

• choices

• unemployment

Scarcity of resources forces nations, businesses and people to make

• problems.

• choices.

• barters.

• trades.

Things that you use for your survival are called

• needs

• wants

• resources

• factors of production

Goods or services that you would like to have, but aren't needed for survival are called

• needs

• wants

• resources

• capital

The factors of production include all of the following EXCEPT:

• land

• labor

• capital

• entrepreneurs

The name given to the mix of productive capacity between military & civilian goods.

• ammo vs. butter

• guns vs. peanut butter

• guns vs. butter

• military vs. domestic

What does the saying "There Ain't No Such Thing As A Free Lunch" mean?

• some things cost nothing

• most things cost nothing

• most things have a cost

• everything costs something

An economy that is producing the maximum amount of goods and services is considered

• efficient

• underutilized

• growing

• trading off

Deciding how much more or less to do is called

• overutilization

• overutilization

• thinking at the margin

• growth

The combination of limited economic resources and unlimited wants is known as:

• Economics

• Trade-off

• Scarcity

• Opportunity Costs