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Form 5 Scarcity and Trade-Offs Flashcards | StudBud

Explore/Form 5 Scarcity and Trade-Offs

Form 5 Scarcity and Trade-Offs

10 terms·StudBud Administration·9 plays

A #socialstudies and #business #economics activity to review the basics of #opportunitycosts, #entrepreneurs, #factorsofproduction, and #naturalresources.

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Questions 10

Answers

1
Which of the following best describes the diagram?
Shift in Supply increasing
Shift in Demand increasing
Shift in Supply decreasing
Shift in Demand decreasing
2
What is scarcity
resources are unlimited
resources are plentiful or good quality
goods and services are cheap
goods and services are limited or gone
3
What is meant by a resource?
manufactured products
something people use to make goods or provide services
something people want to have
stores and factories
4
What must people, businesses, and governments often do with resources?
make choices about using their resources
save all their resources
give away all their resources
use all their resources
5
The Factors of Productions are capital, enterprise, labour, and ...
music
land
oceans
air
6
Which of the following is an example of a personal need?
a telephone
a new bike
a car
food
7
Which of the following is an example of services?
houses
newspapers
bicycles
grooming pets
8
When you use your money to go to a movie instead of buying new trainers, the trainers are the
opportunity cost
need or want
limited resources
scarcity
9
Which of the following is an example of goods?
washing cars
pizzas
mowing lawns
cutting hair
10
Which of the following might be an entrepreneur?
someone who invents and sells a new product
someone who works in a factory
someone who races cars
someone who sells televisions