Supply and demand

The economic problem of scarcity is due to

• unlimited sources and limited wants

• limited sources and limited wants

• limited sources and unlimited wants

• ways of production

The four factors of productions

• land, technology, firms, labour

• labour, property, wages, enterprise

• households, technology, capital, enterprise

• land, labour, enterprise, capital

Which of the following are wants? (more than 1 correct answer)

• Air

• Shelter

• Healthcare

• Ekka Tickets

A group of people buying and selling goods or services. This is the definition for _

• Demand

• Supply

• Market

• Equilibrium

Normally the demand curve will have a ______ slope.

The Law of Demand says as price ___________ demand___________.

• increases; decreases

• increases; increases

• deceases; decreases

• decreases; increases

Resources such as tools, machinery, and money used in the production process -

• entrepreneurship

• capital

• technology

• Enterprise

________ uses tax revenue from individuals and businesses to provide public goods and services.

• Government

• Private Financial Institutions

• Individuals

• Businesses

What is given up when a choice is made (the second-best alternative)

• Production

• Resources

• Opportunity cost

• Consumption

Everything is scarce because of limited resources, while a shortage is due to limited _ .