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Questions and Answers
What are resources?
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?
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?
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?
What is scarcity?
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How does scarcity affect the value of a resource?
How does scarcity affect the value of a resource?
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What must economies consider in addition to limitations of the factors of production when making economic decisions?
What must economies consider in addition to limitations of the factors of production when making economic decisions?
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What are the consequences of failing to answer the three economic questions?
What are the consequences of failing to answer the three economic questions?
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Why do societies need to understand economics?
Why do societies need to understand economics?
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What is one factor that limits the usable land available for production?
What is one factor that limits the usable land available for production?
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What is one factor that limits the population that is able to work on a specific item?
What is one factor that limits the population that is able to work on a specific item?
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