Unit 1 - Scarcity

What is the fundamental problem in economics?

• shortages

• opportunity costs

• money

• scarcity

Which of the following is NOT scarce?

• groceries

• digital items

• knowledge

• a haircut

Which of the following is NOT a characteristic of scarce goods?

• they have positive prices

• there are less of them than people want

• they are at a shortage

• they have an opportunity cost

Which of the following is a characteristic of goods that are scarce?

• they are rival

• they are non-rival

• they are at a shortage

• they are at a surplus

Which of the following would NOT be considered scarce?

• resources

• goods

• services

• none of the above

Which of the following is NOT a characteristic of a shortage?

• at the current price, quantity supplied is less than quantity demanded

• prices will go up or items will run out

• there aren't enough goods to satisfy all of society's wants

• none of the above

__ is the idea in economics there aren't enough limited resources to satisfy unlimited wants.

What are the four factors of production?

• Money, currency, stocks, bonds
• Technology, machinery, equipment, tools
• Land, labor, capital, entrepreneurship
• Supply, demand, price, equilibrium

• Markets, producers, consumers, goods