Econ Final

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

The person who grows, makes or sells products is a …………..

• producer

• consumer

• goods

• business

A person who buys and uses goods and services is a ………...

• goods

• services

• producer

• consumer

Which of the following IS NOT a basic economic question

• What will be produced

• How will it be produced

• When will it be produced

• For whom will it be produced for

How many factors of production do we have?

• 1

• 4

• 2

• 3

Identify the correct factor of production.

Skilled people working in a lawyers firm will be seen as?

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Machinery and factories are?

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Water, wood and fish are?

• Natural resources

• Labour

• Capital

• Entrepreneurship