ASEM Econo Notes Check 1

Question 1

This factor of production includes all natural resources

Accepted Answer

Land

Question 2

Eonomics is the study of how societies use limited ____________ to fulfill their unlimited wants

Accepted Answer

Resources

Question 3

______________ are essential to life and are limited.

Accepted Answer

Needs

Question 4

A _____________ value of the next best alternative given up for the alternative that was chosen

Accepted Answer

Opportunity Cost

Question 5

A ____________sacrificing one good or service to purchase or another

Accepted Answer

Trade Off

Question 6

This factor of production includes all goods and money that are used to produce products

Accepted Answer

Capital

Question 7

____________ exists because of limited reources and unlimited wants and needs.

Accepted Answer

Scaracity

Questions 7