9 weeks Test / FinacLit

Front

Why does scarcity occur?

Back

Wants are unlimited but resources are limited

Front

Which of the following is a natural resource? Factory machines, Coal, Money, Stock certificates

Back

Coal

Front

Opportunity cost

Back

The next best alternative foregone

Front

Scarcity forces individuals and societies to:

Back

Make choices about resource allocation

Front

Which of the following is a human resource? Land, Labor, Money, Tools

Back

Labor

Front

A production possibility frontier (PPF) shows:

Back

The maximum output combinations of two goods

Front

If resources are scarce, what must societies do?

Back

Make choices

Front

Which of the following illustrates scarcity?

• Choosing to buy a laptop instead of a tablet
• Unlimited water supply in a city
• Free distribution of all goods
• No need for production decisions

Back

Choosing to buy a laptop instead of a tablet

Front

Entrepreneurs help address scarcity by:

Back

Creating new goods or services

Front

Scarcity affects:

Back

Individuals, businesses, and governments