Econ: Scavenger Hunt Review

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

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

A Trade-off is

• a purchase in a marketplace.

• an alternative that we sacrifice when we make a decision.

• any good or service a consumer needs.

• a factor of production.

What is the fundamental problem in Economics?

• scarcity

• production

• underutilization

• statistics

Scarcity arises because human ​ (a)   are limitless, while resources are ​ (b)   .

• wants
• limited
• abundant
• emotions

Scarcity affects how the four ​ (a)   are put to use.

• factors of production
• economic models
• incentives
• trade-offs

Since people cannot have everything they want, they have to make ​ (a)   , which involves a ​ (b)   (something you have to give up to get what you want).

• choices
• trade-off
• producer
• consumer

When making an economic decision, you have to consider the ____ (the value of the thing you are giving up).

• production possibilities curve

• opportunity cost

• incentive

• underutilization

The four factors of production are---

• land, labor, capital, entrepreneurship

• land, laws, customs, electricity

• land, expenses, profit, entrepreneurship

• limited, liability, corporation, enterprise

The capacity to be useful and provide satisfaction is called what?

• Usefulness
• Pleasure
• Utility
• Scarcity