Econ Lesson 1: Review Scarcity

What is scarcity? 

• The study of how individuals and societies satisfy their unlimited wants with limited resources

• The way in which a society uses its scarce resources to satisfy its people’s unlimited wants

• A situation that exists when there are not enough resources to meet human wants

• The economic resources needed to produce goods and services

Scarcity can affect:

• Choices

• Wants

• Needs

• All provided answer options

What is economics?

• The study of how individuals and societies satisfy their unlimited wants with limited resources

• The way in which a society uses its scarce resources to satisfy its people’s unlimited wants

• A situation that exists when there are not enough resources to meet human wants

• The economic resources needed to produce goods and services

Is scarcity and shortage the same thing?

• Yes, because shortages are scarcity of resources

• No, scarcity always exist and shortages may be temporary

• Yes, because scarcity drives economics.

• No, because businesses use to many resources

All economic systems answer three basic questions.

• What time?, Where?, At what rate?

• What to produce?, How to produce it?, Who is it for?

• When?, How?, What?

• Where is it being made?, Who is making it?, What is being produced?

Factors of production is

• The study of how individuals and societies satisfy their unlimited wants with limited resources

• The way in which a society uses its scarce resources to satisfy its people’s unlimited wants

• A situation that exists when there are not enough resources to meet human wants

• The economic resources needed to produce goods and services

What are the factors of production?

• Government, scarcity, goods, services

• Land, labor, capital, entrepreneurship

• Communism, traditional, mixed, market

• Microeconomics, services, labor, entrepreneurship

Land is

• the natural resources needed to produce goods and services.

• the effort that goes into producing goods and services.

• man made objects that goes into producing goods and services.

• the person who turns scarce resources into goods and services.

Labor is

• the natural resources needed to produce goods and services.

• the effort that goes into producing goods and services.

• man made objects that goes into producing goods and services.

• the person who turns scarce resources into goods and services.

Capital is

• the natural resources needed to produce goods and services.

• the effort that goes into producing goods and services.

• man made objects that goes into producing goods and services.

• the person who turns scarce resources into goods and services.