Economics Unit 1 Flashcard

Front

Why does scarcity exist?

Back

because there are limited resources

Front

What choices do people make due to scarcity?

Back

choices between wants and needs

Front

Economics only study the choices businesses and governments make

Back

False

Front

Limited resources + ____________________ = scarcity

Back

unlimited wants

Front

Shortages always occur in economies

Back

False

Front

Scarcity always exists

Back

True

Front

A dodge charger hellcat would be an example of the _____________ capital of the Dodge company

Back

physical

Front

A brick mason would be the _____________ capital of a contractor's company

Back

human

Front

Land is considered a natural resource

Back

True

Front

Economics use production possibilities curves to visualize economic growth

Back

True