Scarcity

Front

What is an economic want?

Back

Things people would like to have, but aren't necessary for survival

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

Front

What is the fundamental problem in Economics - it is what forces all of us into making choices?

Back

Scarcity

Front

Which of these is NOT an example of a need? Water, Food, watch, Shelter

Back

watch

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?

Back

True

Front

In Economics terms, what is the "opportunity cost" of choosing when you are faced with a decision?

Back

It is the cost of choosing - what you had to "give up" in order to get the thing you chose

Front

What is an Economic need?

Back

Something that people desire and is necessary for survival

Front

Iron, minerals, coal and plants are examples of which productive resource?

Back

land

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.