Fundamentals of Economics

The condition in which there aren't enough resources available to produce everything that individuals need is__

• opportunity cost

• scarcity

• circular flow model

• choice

The value of goods and services that are given up in order to obtain an alternative good or service is__

• scarcity

• circular flow model

• choice

• opportunity cost

____ is the study of how individuals, businesses and governments make choices about what to produce and what to consume.

• History

• Government

• Economics

• Sociology

____ and ____ are the basic economic problems faced by every society.

• scarcity, choice

• freedom, oppression

• peace, unrest

• All are correct

Which of the following is an economic question that societies attempt to answer?

• For whom to produce?

• How to produce?

• What to produce?

• All are correct

The visual represents which of the following?

• circular flow model

• production possibilities curve

• all are correct

• demand chart

The production possibilities curve is a visual representation of which concept?

• manufacturing

• technology integration

• opportunity cost

• cultural diffusion

Economies experience scarcity because

• governments increase taxes to quickly

• physical capital is overused as a factor of production

• entrepreneurs fail to organize resources efficiently

• people have unlimited wants but limited resources

Which term works best as a title for the list?

~ factor of production

~refers to natural resources

~ includes trees, oil and salt

• Labor

• Capital

• Entrepreneur

• Land

Which term works best as a title for the list?

~ Factors of production

~ People working

~ Doctors, Drivers, Cashiers

• Land

• Capital

• Labor

• Entrepeneur