8/9 common TOD

Economics is

• the way to scheme to get rich quick

• the study of scarcity and choices

• the study of money

• the study of plant and animal life

unlimited wants versus limited resources is

• opportunity cost

• economics

• scarcity

• allocation

Allocation is

• to distribute according to a plan

• the next best alternative

• a rational deicsion

• the study of needs and wants

For a resource to be considered scarce it must meet all of the following EXCEPT

• plentiful

• limited

• desired

• valued

Which of the following are categories of productive resources (factors of production)?

• land

• labor

• capital

• entrepreneurship

The knowledge and skills a person has is called

• physical capital

• education

• human capital

• the way to a raise