Midterm Review 2025

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

Why do we have to make production choices about available resources?

• Too many resources for the demand

• Limited wants

• Unlimited resources

• Scarcity

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

Capital refers to...

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

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

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

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

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

• the tools, equipment, and factories used in production of goods and services

Land includes...

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

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Opportunity cost is your ____.

• first choice

• second best alternative

• trade-off of a choice

• allocation of a good or service

The ​ (a)   capital goods a country has, then the ​ (b)   goods and services they are able to produce.

• more
• less

Tags

S2789894

The total dollar amount of all final goods and services produced in a country in a year.

• Gross Domestic Product (GDP)

• Gross Domestic Product per Capita

• Standard of Living

• Exports