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Worksheetseconomic problem
Total questions: 13
Worksheet time: 7mins
___________what you give up when you make a choice.
Economic problem
A trade-off
Factors of production
__________is that there are not enough resources to make enough products to satisfy people’s wants.
trade-off
economic problem
factors of production
Oxygen is an example of________
limited resources
unlimited resources
Limited resources have no end (can't finish).
True
False
Hessa is deciding whether to go on a beach holiday or a skiing holiday. Hessa decides to go on the beach holiday. What is her trade-off?
a beach holiday
a skiing holiday
These are purchases that are not required for survival.
wants
needs
free goods
economic goods
What is scarcity?
The condition where resources are not enough to meet needs.
The situation where resources can be renewed.
The action of collecting resources from nature.
The activity that allows people to make money.
Why is scarcity a problem?
It means that people need to think wisely about how resources are used.
It means that you have an unlimited supply of resources.
It means that the only way to be successful is to have unlimited money.
It means that there is no hope of satisfying our basic needs.
These are factors used to produce goods and services.
resources
products
scarcity
services
Which of the following is a free good?
vaccination provided by the government
expired products given away by supermarkets
recycled paper
wind coming from the ocean
Wants and needs are the same for all people.
true
false
All natural resources are scarce.
true
false
