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Questions and Answers
What is scarcity?
What is scarcity?
- The abundance of resources to meet consumer wants
- The insufficiency of resources to meet consumer wants (correct)
- The sufficiency of resources to meet consumer wants
- The excess of resources to meet consumer wants
What are economic resources?
What are economic resources?
- Land, human effort, and time
- Land, human effort, and energy
- Land, water, and air
- Land, human effort, and capital (correct)
What are the different types of economic systems?
What are the different types of economic systems?
- Command, capitalist, and market
- Traditional, command, and communist
- Traditional, command, and market (correct)
- Traditional, capitalist, and socialist
Flashcards
Scarcity
Scarcity
The insufficiency of resources to meet consumer wants.
Economic Resources
Economic Resources
Land, human effort, and capital used in production.
Types of Economic Systems
Types of Economic Systems
Traditional, command, and market systems that organize economic activity.
Study Notes
- Scarcity is the insufficiency of resources to meet consumer wants.
- Economics is the study of wealth and resources, needs, wants, and opportunity cost.
- It is a social science that analyzes how people create and execute theories and principles.
- It is also an applied science that deals with real-world situations.
- There are two types of scarcity: relative and absolute.
- Economic resources include land, human effort, and capital.
- Economics deals with issues such as what to produce, how much to produce, and for whom to produce.
- There are different economic systems, including traditional, command, and market economies.
- Traditional economies are based on traditions and practices, while command economies have the government determining production.
- Economics is a complex field that covers both macro and micro factors.
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