1st QT Economics Qualifying

What is the fundamental problem in economics that arises because human wants are unlimited but the resources to satisfy them are limited?

• Scarcity

• Shortage

• Abundance

• Trade-off

What is the study of human behavior related to the efficient use of limited resources to fulfill unlimited needs?

• Economics

• Sociology

• Psychology

• Political science

What is the term for a temporary situation where the quantity of a product supplied is less than the quantity demanded?

• Shortage

• Scarcity

• Surplus

• Opportunity cost

What is the value of the next best alternative that you give up when you make a choice?

• Opportunity cost

• Benefit

• Trade-off

• Utility

Which economic principle states that we must choose between alternatives because resources are limited?

• Trade-off

• Opportunity cost

• Scarcity

• Shortage

What do economists consider to be the 'factors of production'?

• Land, labor, capital, and entrepreneurship

• Goods and services

• Wants and needs

• Consumers and producers

What type of resource includes natural elements like topsoil, forests, and mineral deposits?

• Land

• Labor

• Capital

• Entrepreneurship

What is the economic term for the work and time spent by individuals to produce goods or services?

• Labor

• Capital

• Land

• Entrepreneurship

What is the term for durable goods, such as machinery and buildings, that are used to create other products?

• Capital

• Land

• Labor

• Entrepreneurship

What is the term for the ability to discover new business opportunities and combine resources to pursue them?

• Entrepreneurship

• Production

• Consumption

• Scarcity