W1_Econ: Scarcity & FOPs

Sofia and Andres are planning a community project and need to decide how to allocate their limited resources. What are they aiming to satisfy in economics?

• Their needs and wants

• Their dreams

• Their fears

• Their goals

Luther and Sofia are planning a community event but have a limited budget and many ideas for activities. What economic concept does this situation illustrate?

• Abundance

• Scarcity

• Surplus

• Wealth

In a small town, Mia runs a bakery where she often finds that the ingredients she needs are limited, but the demand for her cakes is unlimited. Which term describes this situation?

• Surplus

• Scarcity

• Inflation

• Equilibrium

In a small town, Emma runs a bakery where she makes bread and pastries to meet the needs and wants of the community. Who is Emma in this scenario?

• Consumers

• Producers

• Advertisers

• Distributors

When Makayla goes shopping, what are the physical items she can buy called?

• Services

• Goods

• Activities

• Fees

In her economics class, Sophia is learning about different factors of production. Her teacher explains that land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their physical and mental efforts and abilities

• individuals who take on the risk of organizing a business with the goal to create something of value

During a class project, Zariah and Enrique are tasked with setting up a small production line to create handmade crafts. They need to decide what 'capital' refers to in their project. What does 'capital' mean in this context?

• The "gifts of nature" or natural resources not created by human effort.

• people with all their physical and mental efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who take on the risk of organizing a business with the goal to create something of value

During a group project, Samuel and Madison were discussing the different roles people play in the economy. Samuel mentioned that labor refers to...

• people with all their physical and mental efforts and abilities

• individuals who take on the risk of organizing a business with the goal to create something of value

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Emma and Jake are planning to start a new business. Entrepreneurship refers to...

• people with all their physical and mental efforts and abilities

• individuals who take on the risk of organizing a business with the goal to create something of value

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Mateo is building a treehouse and needs to gather materials. Timber is an example of...

• Land

• Labor

• Entrepreneurs

• Capital