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- 1. Multiple Choice
Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.
Scarcity
Trade
Standard of Living
Human Resources
- 2. Multiple Choice
Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.
Scarcity
Trade
Standard of Living
Human Resources
- 3. Multiple Choice
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Needs
Opportunity Cost
None of these answers
- 4. Multiple Choice
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
- 5. Multiple Choice
When you make a choice, you often have to give up other options...those things are called the...
Opportunity Cost
Missed Opportunities
Misused Resources
Scarce Options
- 6. Multiple ChoiceA garbage truck driver is an example of which Factor of Production?laborlandentrepreneurshipcapital
- 7. Multiple ChoiceIron, minerals, coal and plants are examples of which productive resource?landlaborentrepreneurshipcapital
- 8. Multiple Choice
Which factor of production would you consider a lawn mower?LandLaborCapitalEntrepreneur - 9. Multiple ChoiceWhich factor of production would you consider a cow?LandLaborCapitalEntrepreneur
- 10. Multiple ChoiceWhat is an entrepreneur?A person who starts a new business.A leader of a country.A worker in a factory.A student in college.
- 11. Multiple ChoiceWhat is an entrepreneur?A person who starts a new business.A leader of a country.A worker in a factory.A student in college.
- 12. Multiple ChoiceEconomics isthe study of how us humans and animals spend our moneythe study of how people choose to use their limited resources to satisfy their unlimited wantsthe study of personal financesthe study of costs and benefits
- 13. Multiple ChoiceScarcity is best explained asgetting everything you want and desirehaving unlimited wants, but limited resourcesan overabundance of somethinghaving enough money to buy what you want and need
- 14. Multiple ChoiceScarcity is best explained asgetting everything you want and desirehaving unlimited wants, but limited resourcesan overabundance of somethinghaving enough money to buy what you want and need
- 15. Multiple ChoiceYou are trying to decide whether you should buy a new car or a used car. What economic principle would be most helpful in solving this economic problem?Costs v. benefits analysisScarcity forces tradeoffsScarcityIncentives matter
- 16. Multiple ChoiceA resource is best explained asNatural resources used to create productsanything used to produce an economic good or service to satisfy a want or need.how we make choices to best satisfy our wants and needs in a world of scarce resourcesthe science of choice
- 17. Multiple ChoiceA resource is best explained asNatural resources used to create productsanything used to produce an economic good or service to satisfy a want or need.how we make choices to best satisfy our wants and needs in a world of scarce resourcesthe science of choice
- 18. Multiple ChoiceI have to decide between eating a salad for dinner or a hamburger and fries. I can't have both. What economic idea is this showing?EconomicsTradeoffIncentives MatterOpportunity cost
- 19. Multiple ChoiceI have to decide between eating a salad for dinner or a hamburger and fries. I can't have both. I decide to go with the salad. What economic concept is this showing by going with the salad?EconomicsTradeoffIncentives MatterOpportunity cost
- 20. Multiple ChoiceChoose the best answer that shows the difference resources used in economic decisions.Labor, capital, entrepreneurship, landIdeas from people and their friendsWood, water, dirt, metalsBooks, inventors, scarcity
- Answer choicesTagsAnswer choicesTags