Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

1 Views

Scarcity and Economic Resources Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does scarcity mean in the context of economics?

The demand for a good or service is greater than the availability of the good or service (correct)

The demand for a good or service is less than the availability of the good or service

The supply of a good or service exceeds the demand for it

The demand for a good or service is equal to the availability of the good or service

Which category of economic resources includes all manufactured aids/tools equipment used in producing goods and services?

Capital (correct)

Enterpreneurial ability

Labor

Land

What is the study of individuals, households, and firm's behavior in decision making and allocation of resources called?

Capital economics

Macroeconomics

Microeconomics (correct)

Labor economics

Which factor of production includes all natural resources?

Land Signup and view all the answers

What is likely to happen in microeconomics when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production?

Changes in individual behavior and resource allocation Signup and view all the answers

Which factor of production represents all physical and mental talents of individuals?

Labor Signup and view all the answers

What does scarcity do to the choices available to consumers in an economy?

It limits the choices available to consumers Signup and view all the answers

Which category of economic resources includes the initiator, innovator, strategic decision maker, risk taker, etc.?

Enterpreneurial ability Signup and view all the answers

Which study focuses on the behavior of individual actors in response to changes in incentives, prices, and methods of production?

'Microeconomics' study Signup and view all the answers

What are the inputs that are utilized during the production process called?

Factors of production Signup and view all the answers