What is the definition of scarcity?

Unit 1 Economics Final Exam Review

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Social Studies
•
12th Grade
•
Hard
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81 questions
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1.
FLASHCARD QUESTION
Front
Back
Unlimited human wants vs. a limited supply of resources.
2.
FLASHCARD QUESTION
Front
What is the implication of scarcity?
Back
Every choice involves trade-offs because resources are finite.
3.
FLASHCARD QUESTION
Front
Fill in the blank: Human resources are efforts (both physical and mental) provided by _____
Back
people
4.
FLASHCARD QUESTION
Front
Which of the following is an example of a human resource? Your ability to work, think, and create. Machinery. Solar energy. A car.
Back
Your ability to work, think, and create.
5.
FLASHCARD QUESTION
Front
What are natural resources?
Back
"Gifts of nature" that can be used for production.
6.
FLASHCARD QUESTION
Front
Which of the following is a renewable resource? Solar energy, Fossil fuels, Machinery, Haircuts
Back
Solar energy
7.
FLASHCARD QUESTION
Front
Exhaustible resources are limited and can be depleted.
Back
True
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