Quizizz Challenge #1 (G11 Economics)

... is a situation in which wants and needs are in excess of the resources available.

Man-made aid to production

• Land

• Labour

• Capital

• Enterprise

We can define factors of production as anything that is useful in the ... of goods & services.

Opportunity cost is represented by all other alternatives you let go when making a choice.

• True

• False

A worker earns $40 per hour. Rather than work, she decides to visit a museum for three hours. The visit costs a total of $40. What is the opportunity cost of visiting the museum?

• 40

• 80

• 120

• 160

What is correct about scarcity?

• Scarcity affects low income earners only

• Scarcity forces individuals to make choices

• Scarcity is removed by periods of falling prices

• Scarcity will be abolished by advances in technology