Chapter 1-Scarcity

A bulldozer is an example of which type of Factor of Production?

• Land

• Labor

• Capital

What is an example of a Capital Resource?

• Wood

• Microwave oven

• Coal

• Entrepreneur

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity

• Wants

• Scarcity

• Factors of Production

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

• Time

• Money

• Food

• Oil

Once you make a decision, your next best alternative is your:

• Entrepreneur

• Shortage

• Scarcity

• Opportunity Cost

When you give up something to have something else

• trade-off

• opportunity cost

• sacrifice of need

• sacrifice of want

What is this resource?

• human resource

• capital resource

• natural resource

• human and capital resource

What resource is this a picture of?

• natural resource

• capital resource

• human resource

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.