Podcast
Questions and Answers
What is the basic economic concept that describes the continuous shortage or scarcity of resources?
What is the basic economic concept that describes the continuous shortage or scarcity of resources?
The problem of scarcity
What is the term used to describe resources that have a finite amount?
What is the term used to describe resources that have a finite amount?
- Unlimited
- Scarce
- Finite (correct)
- Abundant
What are the four groups of resources referred to as the factors of production?
What are the four groups of resources referred to as the factors of production?
- Labor, capital, natural resources, and technology
- Capital, labor, natural resources, and entrepreneurs (correct)
- Land, labor, capital, and entrepreneurs
- Resources, capital, labor, and technology
The monument in Johannesburg commemorates the discovery of gold on the Highveld.
The monument in Johannesburg commemorates the discovery of gold on the Highveld.
Gold is a very important natural resource for the South African economy.
Gold is a very important natural resource for the South African economy.
The world's desire for gold is limited.
The world's desire for gold is limited.
Gold is an example of a finite resource.
Gold is an example of a finite resource.
What is the term used to describe the value of the next best choice that was given up when making a decision about resource allocation?
What is the term used to describe the value of the next best choice that was given up when making a decision about resource allocation?
Flashcards
Factors of production
Factors of production
The resources used to produce goods and services.
Capital
Capital
The human-made resources used in production, like tools and machinery.
Labour
Labour
The human effort used in production.
Natural resources
Natural resources
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Entrepreneurs
Entrepreneurs
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Scarcity
Scarcity
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Opportunity cost
Opportunity cost
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Needs
Needs
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Wants
Wants
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Finite resources
Finite resources
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Economic production
Economic production
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Unlimited wants
Unlimited wants
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Economic choices
Economic choices
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Natural Resources in South Africa
Natural Resources in South Africa
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Economic problem
Economic problem
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Scarcity as a problem
Scarcity as a problem
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How resources are used
How resources are used
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Consumer
Consumer
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Enterprise
Enterprise
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Government
Government
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Study Notes
Factors of Production
- Money is used for buying and selling.
- Earth's resources have value only when used.
- Economics studies needs, wants, and how they are fulfilled through production.
- People's needs are limited, but wants are not.
- Resources to fulfill wants are finite.
- Economics manages resource allocation.
Scarcity
- Consumers, businesses, and governments face continuous resource shortages.
- Scarcity arises from finite resources.
- A resource can have multiple uses.
- Trading off one use for another results in an opportunity cost—the value of the next-best choice.
Four Factors of Production
- Capital, labor, natural resources, and entrepreneurs are the four factors of production.
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Description
Explore the fundamental concepts of factors of production and scarcity in economics. Understand how resources are allocated, the implications of limited availability, and the role of different factors such as capital and labor. This quiz will test your knowledge on how these elements interact to fulfill needs and wants.
