Virtual Learning Day 4

What is scarcity in economic terms?

• Having unlimited resources

• The inability to satisfy all wants at the same time

• Having enough money to buy everything

• The ability to produce unlimited goods

Which of the following is NOT one of the four main types of economic resources?

• Natural resources

• Money

• Human resources

• Capital resources

When making an economic choice, what is opportunity cost?

• The monetary cost of an item

• The total cost of all options combined

• The best available option

• What is given up when a choice is made

What factors determine what goods are produced in an economy?

• Available resources and consumer preferences

• Only government decisions

• Only available technology

• Only market prices

What is consumption in economic terms?

• Only buying food products

• The process of making goods

• The using of goods and services

• Selling products to others

Why must individuals make choices about goods and services?

• Because they have unlimited money

• Because prices keep changing

• Because goods and services are limited

• Because stores have too many options

What is production in economics?

• Only making physical goods

• Combining resources to make goods or provide services

• Only providing services

• Selling products in stores

Which factors determine what consumers purchase and consume?

• Only advertising

• Only product quality

• Only availability

• Consumer preferences and price

What are resources in economic terms?

• Only natural materials

• Only human labor

• Factors of production used to create goods and services

• Only money and capital

What is entrepreneurship considered in economics?

• Only starting a business

• A type of resource in production

• Only investing money

• Only managing employees