QUIZ Fundamentals

Scarcity is created due to the unlimited wants and the use of all the resources?

• True

• False

Whenever there's scarcity the consumers need to

• Have surplus

• Review uses

• Identify alternatives

• Eliminate the wants

Is a product that is comparable and similar in functionality to the "original" item

• Substitute

• Replacement

• Modifying

• Improvements

A replacement product can be invented / designed when the original item becomes temporarily or permanently unavailable.

• Substitute

• Replacement

• Modifying

• Improvement

Efficiency occurs when you execute the processes as fast as you can?

• True

• False

When a surplus occurs?

• When the scarcity is low

• When the opposite to scarcity occurs

• When a surplus is common

• When you have surplus of all products

Is the form by which societies or governments organize and distribute the available resources across a country

• Scarcity

• Surplus

• Economic agents

• Economic systems

Wealthy referees mostly to the amount of actives and money a person / company has?

• True

• False

Looks to reduce the waste of: time, raw materials, labor force, energy, time

• Effectiveness

• Efficiency

• Efects of economy

• Economic models

What's the name of the little pig, friend of Moana

• Hei-Hei

• Pua

• Mushu

• Abu