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Questions and Answers
What do people create as a result of scarcity?
What do people create as a result of scarcity?
- Limited resources (correct)
- Unlimited goods and services
- Limited goods and services
- Unlimited resources
Why do people make choices about what goods and services to produce?
Why do people make choices about what goods and services to produce?
- To avoid production altogether
- To maximize opportunity cost
- To address scarcity (correct)
- To create unlimited resources
What concept results because resources are limited and human wants are unlimited?
What concept results because resources are limited and human wants are unlimited?
- Unlimited resources
- Equal distribution
- Excessive production
- Scarcity (correct)
In economics, what do people use to produce goods and services?
In economics, what do people use to produce goods and services?
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What serves as the foundation for the rest of the unit in the lesson?
What serves as the foundation for the rest of the unit in the lesson?
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