10 Questions
What are the four factors of production?
The four factors of production are land, labour, capital, and enterprise.
What is the difference between needs and wants?
Needs are basic survival requirements, while wants are desires.
What is the definition of scarcity?
Scarcity refers to a limited or finite quantity of resources.
What is the concept of opportunity cost?
Opportunity cost is the benefits forgone of choosing the next best alternative.
How do consumer goods and services relate to needs and wants?
Consumer goods and services directly satisfy both needs and wants.
Scarcity is the idea that resources may be ______ or scarce
limited
The four factors of production are Land, Labour, ______, and Enterprise
Capital
Consumer goods and services directly satisfy our needs and ______
wants
Capital goods are used to make consumer goods and ______
services
The opportunity cost is the benefits forgone of the next best ______
alternative
Test your knowledge on the concept of scarcity and the four factors of production with this quiz. Learn about limited resources and their impact on economic success.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
