Civics Chapter 16 Intro to Economics

anything used to produce other goods and services

• scarcity

• capital

• opportunity cost

• consumption

• factors of production

resources never meet all wants

• scarcity

• capital

• opportunity cost

• consumption

• factors of production

land, labor, capital

• scarcity

• capital

• opportunity cost

• consumption

• factors of production

the benefit given up when limited resources are used for one purpose instead of the next best alternative

• scarcity

• capital

• opportunity cost

• consumption

• factors of production

the buying or using of goods and services

• scarcity

• capital

• opportunity cost

• consumption

• factors of production

Which are examples of people's basic wants?

• education and health care

• freedom and knowledge

• food and shelter

• tools and buildings

The three basic factors of production are?

• Soil, Water, Timber

• Land, Labor, Capitol

• Money, Knowledge, Skills

• Tools, Machines, Buildings

To produce goods and services, labor, land, and capitol are combined in what is called

• a production process

• a distribution cycle

• a series of decisions

• a benefit analysis

It is true for all economies that people

• satisfy each want only once

• make choices about wants

• have the same wants

• can satisfy all their wants

Which of the following is an example of scarcity?

• You eat out with friends

• You want warm winter clothes

• Plants need soil and water

• Japan can't grow enough food