Rapid Review Blue CE.11a

What is the inability to satisfy all wants at the same time?

• Choice
• Incentive
• Scarcity

What are the factors used during the production of goods and services like natural, human, capital, and entrepreneurship?

• Opportunity Cost
• Resources
• Choice

What is it called when you select an item or action from a set of possible alternatives?

• Resources
• Choice
• Incentive

What is the value of what is given up when a choice is made?

• Opportunity Cost
• Choice
• Incentive

What are actions that motivate buyers called, such as buy one get one 50% off, BOGO, or FREE financing?

• Choice
• Incentive
• Scarcity

Combing resources to make goods or provide services is called...

• Production
• Consumption
• Scarcity

Using goods and services is called

• Production
• Consumption
• Scarcity

Consumer preferences, resources available, and price determine what is....

• Produced
• Consumed
• Produced and Consumed

We have unlimited wants but our resources are....

• Choice
• Limited
• Scarcity

What causes consumers, producers, and governments to make difficult choices?

• Production
• Consumption
• Scarcity