10 Questions
What are resources?
Things that people use to make goods or services
What are examples of renewable resources?
Solar energy, wind energy, water
What is labor?
Quality and amount of human effort required to produce goods and services
What is scarcity?
The idea that all resources are limited
How does scarcity affect the value of a resource?
The more scarce a resource, the higher the value of that resource.
What must economies consider in addition to limitations of the factors of production when making economic decisions?
The benefits of all society
What are the consequences of failing to answer the three economic questions?
The needs of citizens will not be met
Why do societies need to understand economics?
Economics helps societies to describe economic activity and evaluate whether or not resources are being used effectively.
What is one factor that limits the usable land available for production?
The type of land/natural resources available
What is one factor that limits the population that is able to work on a specific item?
Standard of living
Test your knowledge about resources and scarcity with this quiz. Learn about the different types of resources and the difference between renewable and nonrenewable resources.
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