scarcity and opportunity cost

The main conditions for Scarcity are________ and _________

Economics can be divided into two major branches which is

• international economics and macroeconomics

• labor economics and microeconomics

• microeconomics and macroeconomics

• international economics and domestic economics

'What to produce' depends on the types of products or services needed to be produced.

• True

• False

A study on why a farmer chooses to grow dragon fruit instead of bananas despite higher production costs would be

• C. macroeconomics.

• D. microeconomics.

Why does scarcity exist?

• Each year workers tend to produce less than previously 
• Machines wear out in time
• There are not sufficient resources to meet everyone's wants
• There is a limit to people's wants 

True or False- Economics is the study of how to allocate (give) scarce resources among competitors

• True

• False

VOSS Brand Water - Want or need? 

• Want
• Need

Because of scarcity

• A. there is never enough of anything.

• B. production has to be planned.

• D. individuals and have to choose from among alternatives.

What are the 4 factors of production?

• Land, Labour, Capital, Entrepreneurship

• Land, Labour, Capital, Commerce

• Land, Investment, Labour, Machinery

• Land, work, Capital, Entrepreneurship

Economics can be described as the study of

• Money

• Choices

• graphing

• price ceilings and price floors