Paige Day #1

What is scarcity?

• Having unlimited resources

• The inability to satisfy all wants at the same time

• Having enough money to buy everything

• When resources are abundant

What is opportunity cost?

• The monetary cost of an item

• The total cost of production

• What you give up when making a choice

• The cost of labor and materials

Which of the following is NOT a type of resource used in production?

• Natural resources

• Human resources

• Entertainment resources

• Capital resources

Why do individuals have to make choices about goods and services?

• Because they want to save money

• Because they enjoy shopping

• Because goods and services are unlimited

• Because goods and services are limited

Production involves combining which of the following?

• Only natural and human resources

• Only capital and entrepreneurship

• Human, natural, capital, and entrepreneurship resources

• Only money and labor

What is the main reason for scarcity?

• People don't work hard enough

• Unlimited wants with limited resources

• Poor government planning

• Lack of technology

When you make a choice, how many choices are you actually making?

• One choice

• Two choices

• Three choices

• Four choices

Who must make choices because of scarcity?

• Only consumers

• Only businesses

• Only governments

• Consumers, producers, and governments

What are factors of production?

• Only machines and tools

• Resources used to produce goods and services

• Only human labor

• Only raw materials

What should individuals consider when making a choice?

• Only the monetary cost

• Only what others think

• The value of what is given up

• Only immediate benefits