Scarcity & FOP Flashcard 2025

Front

What is scarcity?

Back

The condition where unlimited wants exceed limited resources

Tags

GA.SSEF1.a.

Front

Which of the following is NOT a strategy for allocating scarce resources? Price, Lottery, Majority rule

Back

Unlimited supply

Tags

GA.SSEF1.a.

Front

Which is an example of a natural resource (land)? A factory used for manufacturing goods, A river used to generate hydroelectric power, A truck delivering products, A person working as a teacher

Back

A river used to generate hydroelectric power

Tags

GA.SSEF1.b.

Front

What is the opportunity cost of attending college instead of working full-time immediately after high school?

Back

The wages you could have earned by working full-time

Tags

GA.SSEF1.d.

Front

How do individuals, businesses, and governments make rational decisions?

Back

By comparing marginal benefits and marginal costs

Tags

GA.SSEF1.d.

Front

What is an example of a positive incentive for businesses?

Back

A government subsidy for producing renewable energy

Tags

GA.SSEF1.c.

Front

Which of the following best illustrates marginal benefit exceeding marginal cost? A company lays off workers to reduce expenses, A consumer avoids purchasing an expensive product on sale., A student studies for an extra hour because it improves their test score, A city cancels a public project due to high expenses.

Back

A student studies for an extra hour because it improves their test score

Tags

GA.SSEF1.c.

Front

What type of productive resource does an entrepreneur represent?

Back

Entrepreneurship

Tags

GA.SSEF1.b.

Front

What is NOT a characteristic of a good Entrepreneur? Self-Awareness, Long-Term Focus, Risk Tolerance, Disinterest

Back

Disinterest

Tags

GA.SSEF1.c.

Front

Which scenario best demonstrates the concept of opportunity cost? A business uses machinery to produce goods more efficiently. A government allocates funds to healthcare instead of infrastructure. A student applies for a scholarship to reduce education expenses. A family invests in both a home and a car.

Back

A government allocates funds to healthcare instead of infrastructure.

Tags

GA.SSEF1.d.