Economics basics

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Organizing land, labour and capital (factors of production), in the production of goods or services is called  

Which country has the largest economy in the world?

The highest-valued alternative that must be given up when you make a choice.

The ________ has the largest debt.

There are more billionaires living in _________ than any place in the world

Man-made resources used in the production process i.e. machines in a factory.

_______________is the idea that because of scarcity, producing more of a good means producing less of another. 

There are 4 _______________. They are land, labour, capital and entrepreneurship.

Which of the following is an example of an investment in human capital?

A group of buyers and sellers which come together to trade

Income from sales (also known as revenue), minus the costs of running the business.

An economy in which the government decides how ALL economic resources will be allocated i.e. North Korea