APPECON_W1_ABM

These are natural resources available to create supply such as raw materials that comes from the ground.

• Land

• Labor

• Capital

• Entrepreneurship

These are the extra wants of the human after necessaries. They are not as essential or urgent as necessaries.

• Necessaries

• Comforts

• Wants

• Luxuries

It is a condition where there are insufficient resources to satisfy all the needs and wants of a population.

• Overpopulation

• Corruption

• Scarcity

• Inflation

It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

• Financial Management

• Economics

• Accounting

• Auditing

An entrepreneur should know how to innovate by introducing new products, new technology, and new ways of organizing business.

• True

• False

Which is not included in the Three Questions of Allocation?

• What goods and services are produced with society's limited resources?

• Who receives the goods and services produced with society's resources?

• How are society's limited resources combined to produce goods and services?

• None of the above.

These are man-made, durable items businesses use to produce goods and services.

• Land

• Labor

• Capital

• Entrepreneurship

Comforts are not needed for existence but provide happiness and acceptance in the world.

• True

• False

A condition that exists when a particular resource is in short supply in one or more areas, because of inadequate or disrupted distribution.

• Relative Scarcity

• Absolute Scarcity

Economic efficiency is a goal that requires using resources to derive the maximum benefit for society.

• True

• False