Unit 1 Economics #1

Problem of meeting people's unlimited wants with scarce resources

• capital

• scarcity

• goods

• needs

risk-taking person seeking profit

• economics

• labour

• entrepreneur

• value

basic requirement for survival, including food, clothing, and shelter

• needs

• wants

• economics

• labour

something we would like to have but is not necessary for survival

• needs

• wants

• economics

• labour

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs

• A limited amount of resources to meet unlimited wants and needs.

• When people use time and energy to create events

• a city where individuals commit themselves to unlimited wants and needs

Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True

• False

What is the fundamental problem of economics? 

• How to keep consumers out of debt?

• How to fulfill our unlimited wants and needs with limited resources?

• How to figure out the way to make the most money?

• How do we ensure all people get a college education?

What is trade-off?

• Your choice

• What you give up to make a choice

• How much money you pay

• The willingness to give something away

Which of these is NOT one of the 4 factors of production?

• Labor

• Land

• Entrepreneurship

• Work Skills

Which of the following is NOT one of the 3 questions scarcity forces societies to answer?

• What will be produced?

• How will it be produced?

• How much will it cost to produce?

• For whom will it be produced?