Economics

Front

Scarcity

Back

Having too few or too little of resources

Front

Which choice best describes the economic problem of scarcity in the world?

Back

People have unlimited wants but there is a limited amount of resources

Front

These are resources people use to make goods and services.

Back

Productive Resources

Front

These productive resources are raw materials that come from nature or the earth that people use to make goods.

Back

Natural Resources

Front

These productive resources are goods made to produce for goods and provide more services.

Back

Capital Resources

Front

Examples of goods: Apples, Computers, Clothing, Firemen, Police Officers, Soldiers, Health, Love, Friendship

Back

Apples, Computers, Clothing

Front

Examples of services: Apples, Computers, Clothing; Firemen, Police Officers, Soldiers; Health, Love, Friendship.

Back

Firemen, Police Officers, Soldiers

Front

Which of the following is not one of the three basic questions economists try to solve?

• What should be produced?
• How should it be produced?
• Who gets what is produced?
• When should it be produced?

Back

When should it be produced?

Front

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it? Options:

Command Economy

,

Market Economy

,

Traditional Economy

Back

Command Economy

Front

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

Back

Traditional Economy