Scarcity

Why can’t you always get what you want? (one word)

Which of the following IS NOT an economic factor of production -

• Land

• Labor

• Capital

• Entrepreneurship

• Money

WANTS > RESOURCES because resources are

• unlimited

• scarce

• experiencing a shortage

• expensive

which of the following would be CAPITAL

• a machine

• a box of cereal

• water

• a new risky idea

Which of the following would NOT be land

• water

• minerals

• toothpaste

• crude oil

Which of the following would be considered a SERVICE. Mark ALL that apply!

• teacher

• Uber driver

• barber

Why would someone like Beyonce or Ronaldo be MORE scarce than Ms. Mann?

Economics is the study of how individuals _________ to allocate (distribute) their scarce resources!

• choose

• refuse

• forget

• avoid

Why is there nothing free in Economics? Choose ALL that apply! :)

• If you choose one thing you give up getting something else

• There is no such thing as a free lunch

• something appearing to be free will always have some hidden or implicit cost to someone,