18 Questions
What is the study of economics primarily concerned with?
Making choices with limited resources
In economics, what is considered a need?
Food and medical care
What forces individuals, businesses, and governments to make choices?
Scarcity of resources
What are physical objects that someone produces to satisfy needs and wants?
Goods
What is the primary problem addressed in the text?
Making choices with limited funds
Which of the following is an example of a want?
Video games
What term is used to describe the fact that limited amounts of goods and services are available to meet unlimited wants?
Scarcity
Which of the following is an example of a natural resource used to produce goods and services?
Oil
What type of capital refers to the knowledge and skills acquired through education and experience?
Human capital
Who is a person or group of people who identify, bring together, and utilize the factors of production to satisfy consumers' needs and wants?
Entrepreneurs
Which factor of production is related to the effort people devote to tasks for which they are paid?
Labor
What occurs when consumers want more of a good or service than producers are willing to make available at a particular price?
Shortage
What refers to any human-made resource used to produce other goods and services?
Physical capital
'Medical care and haircuts' are examples of which economic concept?
Goods and services
What is the primary problem addressed in the text?
Scarcity
Which type of resources are used to provide services like medical care and classroom instruction?
Natural resources
What do economists use the term 'land' to refer to?
Physical resources
What factor of production involves the effort people devote to tasks for which they are paid?
Labor
Explore the concept of scarcity and its impact on decision making in the allocation of resources. Understand how limited resources lead to choices and trade-offs in various scenarios.
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