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Types of Resources and Scarcity

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Questions and Answers

What are resources?

Items that have no value to anyone

Natural disasters that affect human activities

Things that people use to make goods or services (correct)

Products that can only be bought at a store

What are examples of renewable resources?

Coal, petroleum, iron

Trees, water, oil

Solar energy, wind energy, water (correct)

Computers, office supplies, tools

What is labor?

Equipment used in the production of goods and services

Quality and amount of human effort required to produce goods and services (correct)

The idea that all resources are limited

Natural resources used to produce goods and services

What is scarcity?

The idea that all resources are limited Signup and view all the answers

How does scarcity affect the value of a resource?

The more scarce a resource, the higher the value of that resource. Signup and view all the answers

What must economies consider in addition to limitations of the factors of production when making economic decisions?

The benefits of all society Signup and view all the answers

What are the consequences of failing to answer the three economic questions?

The needs of citizens will not be met Signup and view all the answers

Why do societies need to understand economics?

Economics helps societies to describe economic activity and evaluate whether or not resources are being used effectively. Signup and view all the answers

What is one factor that limits the usable land available for production?

The type of land/natural resources available Signup and view all the answers

What is one factor that limits the population that is able to work on a specific item?

Standard of living Signup and view all the answers