What is the difference between a shortage and scarcity?

Shortage can be temp or long-term, but scarcity always exist

Any point outside the curve of a PPC represents a goal that is

impossible to meet because resources are fixed

What does an economist mean by the term land?

All natural resources used to produce goods and services

Which of the following is an example of using physical capital to save time and money?

Building extra space in a factory to simplify production

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Econ 1.1 Scarcity

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Review questions for lesson 1.1 on Scarcity, the basic economic problem

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Questions 15

Answers

1
The human time, effort, and talent that go into the making of products is called
Knowledge
Scarcity
Labor
Capital
2
The study of how people choose to use scarce resources to satisfy their wants is called
Entrepreneurship
Scarcity
Economics
Choice
3
A Need is fulfilled by
Video Games
Jewelry
Movie Tickets
Food
4
What is the difference between a shortage and scarcity?
Shortage can be temp or long-term, but scarcity always exist
Shortage result from rising $ scarcity result from falling $
Shortage is lack of all goods & service scarcity = falling $
There is no real difference between a shortage and scarcity.
5
The ongoing tension of not having enough resources to meet human wants is called
Surplus
Need
Scarcity
Shortage
6
Any point outside the curve of a PPC represents a goal that is
possible to meet because resources are not fixed
impossible to meet because resources are not fixed
impossible to meet because resources are fixed
possible to meet because resources are not fixed
7
Which of the following are factors of production?
Capital and land
Scarcity and shortages
Economics and business decisions
Technology and productivity
8
The condition in which economic resources are not being used to their full potential is called
efficency
utilization
scarcity
underutilization
9
Physical products that can be purchased are called
Goods
Stocks
Bonds
Services
10
To what part of an industry does a worker’s education contribute?
Physical Capital
Human Capital
Scarce Resources
Technology
11
Simplified representations of complex economic activities are called economic
prototypes
templates
curves
models
12
What does an economist mean by the term land?
All natural resources used to produce goods and services
Farmland only
Food crops grown on farmland as well as the farmland itself
Goods and services that are produced from the land
13
PPC is an acronym for
preliminary production curve
production possibilities curve
production possibilities chart
preliminary production chart
14
When creating a PPC, economists assume that
resources are not fixed
resources are inefficiently used
technology is fixed
only three things can be produced
15
Which of the following is an example of using physical capital to save time and money?
Switching from oil to coal to make production cheaper
Hiring more workers to do a job
Building extra space in a factory to simplify production
Lowering workers’ wages to increase profits

Econ 1.1 Scarcity Flashcards | StudBud