Day 5 Quiz Economics-Scarcity and the Science of Econ

Choose the factors of production from the list. (Choose all that apply)

• wants

• land

• entrepreneur

• economics

• analysis

Which of the following are examples of needs. (Choose all that apply)

• water

• i phone

• Lamborghini

• shelter

• food

What is the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources.

• factors of production

• description

• scarcity

• Economics

What is implied meaning of There is No Such Thing as a Free Lunch (TINSTAFFL)?

• some products are free and have no cost

• every product produced has a cost and someone pays for it

• unlimited wants vs. limited resources

• explanation is not part of the scope of economics

The condition that results from society not having enough resources to produce all the things people would like to have is ________________________________

• Economics

• needs

• scarcity

• wants

What do individuals and businesses have to do because of scarcity?

• hire more workers

• stay open longer

• make choices about how to use resources

• all of the above are correct

What is the term that describes the resources required to produce the things people would like to have and are necessary if goods and services are to be produced?

• scarcity

• basic economic questions

• Economics

• the factors of production

Which factor of production includes the tools, equipment, and factories used in production?

• land

• labor

• capital

• entrepreneur

Which factor of production includes individuals who start new businesses or bring products to market?

• land

• labor

• capital

• entrepreneur

Which factor of production includes people with all of their efforts and abilities?

• land

• labor

• capital

• entrepreneur