CE 11a/12b Economic Concepts/Supply, Demand, & Equillibrium

What is the definition for Scarcity

• Factors of production that are used in the production of goods and services

• The inability to satisfy all wants at the same time

• Selection of an item or action from a set of possible alternative

• Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

What is the definition for Resources

• The inability to satisfy all wants at the same time

• Use of goods and services

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

• Factors of production that are used in the production of goods and services

What is the definition for Choice?

• The inability to satisfy all wants at the same time

• Factors of production that are used in the production of goods and services

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

• Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

What is the definition for Opportunity Cost?

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

• Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

• The inability to satisfy all wants at the same time

• Factors of production that are used in the production of goods and services

What is the definition of Production?

• Use of goods and services

• Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

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

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

What is the definition of Consumption

• Combining human, natural, capital, and entrepreneurship resources to make goods or provide services

• The inability to satisfy all wants at the same time

• Use of goods and services

• Factors of production that are used in the production of goods and services

Fill in the blanks for the quote " Because of _______, consumers, producers, and government decision makers are forced to make _______."

• Problem

• Scarcity

• Choices

• Wants

True or False : We have limited wants and our resources are unlimited.

• True

• False

True or False : Scarcity does not force consumers, producers, and government to make difficult choices.

• True

• False

All of the following are types of resources EXCEPT -

• Natural

• Human

• Capital

• Government