Economics Introduction

What term correctly describes the combination of natural, human, and capital resources?

• Scarcity

• Supply chain

• Command Economy

• Entrepreneurship

Match each term with the correct definition.

• consumption

• Buying or using a product

• choice

• also called manufacturing

• production

• what is given up when a choice is made (the second best alternative)

• opportunity cost

• selection of an item or action from a set of possible alternatives

Which of the following is the inability to satisfy all wants at the same time?

• Production

• Scarcity

• Limited Resources

• Economy

Identify which images depict either a consumer or producer.

• Consumer

• 
• Natural Resource

• 
• Producer

• 

Scarcity defines the concept of having ________ wants and ________ resources.

• reasonable; unlimited

• finite; infinite

• limited; reasonable

• unlimited; limited

What do we call what is given up when a choice is made?

• opportunity cost

• scarcity

• resources

• economics

Match each resource type to its corresponding picture.

• Capital

• 
• Natural

• 
• Human

• 

All resources and goods are limited. Limited goods and resources require that we make _______.

• a budget

• profit

• choices

• resources

Which of the following is used in the production of goods and services?

• Materials

• Unlimited wants

• Unlimited needs

• Resources