Scarcity, Choices, and Productive Resources

The resources needed to start a business are called ___?

• factors of production

• natural resources

• scarcity

• opportunity costs

When unlimited wants are greater than available resources

• opportunity cost

• trade off

• demand

• scarcity

another name for productive resources is the four ____ of production

A bakery needs eggs, sugar, flour, and milk to make cupcakes. Which productive resource do eggs represent?

• land

• labor

• capital

• entrepreneurship

A bakery needs eggs, sugar, flour, and milk to make cupcakes. Which productive resource does flour represent?

• land

• labor

• capital

• entrepreneurship

draw an example of scarcity

Burt Baskin and Irv Robbins founded Baskin Robbins ice-cream shops. Burt and Irv had what skill?

• land

• labor

• capital

• entrepreneurship

Shanna wanted to go to the movies, but had to stay home to study for her big college final instead. What is Shanna's opportunity cost for staying home to study?

• the time she spent studying

• the cost of the textbooks and computer needed to study

• the enjoyment of going to the movies

• none of these

Anytime you make a choice, the options (alternatives) you leave behind are

• scarcity

• trade-offs

• rational decisions

• choices of supply

draw some examples of capital you would find in a bakery