Econ Chp 1

Limited resources but unlimited wants create _______________.

• Fear

• opportunity

• jobs

• scarcity

Natural resources are ____________ found on Earth.

• never

• people

• raw materials

• trees

Economics is the study of how people and countries make decisions about using _____________.

Wants are not necessary for survival but can make our lives _______________.

• better

• bad

• opportunity

• scarcity

Splitting a job into parts is called ______________.

• division of labor

• service

• opportunity cost

• resources

Water and minerals are examples of _______________.

• Capital

• Human Resources

• service

• Natural Resources

The work people do is a resource called ___________.

Work people do for other people for a fee is called ___________.

• productions possibilites

• service

• labor

• need

Buying a baseball instead of taking a friend to dinner is an example of a(n) ____________.

• friendship

• opportunity cost

• selfishness

• scarcity

The cost of a trade off is called a(n) _______________.

• needs and wants

• natural resources

• opportunity cost

• service