10 Questions
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
Which category of economic resources includes all manufactured aids/tools equipment used in producing goods and services?
Capital
What is the study of individuals, households, and firm's behavior in decision making and allocation of resources called?
Microeconomics
Which factor of production includes all natural resources?
Land
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
Which factor of production represents all physical and mental talents of individuals?
Labor
What does scarcity do to the choices available to consumers in an economy?
It limits the choices available to consumers
Which category of economic resources includes the initiator, innovator, strategic decision maker, risk taker, etc.?
Enterpreneurial ability
Which study focuses on the behavior of individual actors in response to changes in incentives, prices, and methods of production?
'Microeconomics' study
What are the inputs that are utilized during the production process called?
Factors of production
Test your knowledge on the concept of scarcity and economic resources in economics. Understand how scarcity limits choices available to consumers and how economic resources are used during the production process.
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