Understanding Scarcity

Question 1

Land is defined as

Accepted Answer

all natural resources used to produce goods and services.

Question 2

Scarcity or Shortage?: I want steak for dinner but choose hamburger because it's cheaper.

Accepted Answer

Scarcity

Question 3

Scarcity or Shortage?: The store is out of bananas so I buy grapes instead.

Accepted Answer

Shortage

Question 4

A country has a large, unskilled labor force; most people work as farmers. It is answering...

Accepted Answer

How it will be produced

Question 5

Scarcity or Shortage?: The price of gas goes up so I drive less.

Accepted Answer

Scarcity

Question 6

If a country has abundant timber it is likely to choose to produce

Accepted Answer

furniture

Question 7

If a country makes fine furniture because of its abundant timber resources, it has answered

Accepted Answer

What will be produced

Question 8

A country decides that goods and services will be equally distributed to everyone. This answers

Accepted Answer

For Whom will it be produced

Question 9

Capital is defined as

Accepted Answer

everything used by people to produce goods and services.

Question 10

Scarcity or Shortage?: My friends want to hang out but I go visit my grandmother instead.

Accepted Answer

Scarcity

Question 11

Why do producers and consumers have to make choices about how they will use resources?

Accepted Answer

People have unlimited wants and needs but limited resources

Question 12

A country decides that people should pay for their own goods and services. It is answering...

Accepted Answer

For Whom will it be produced

Question 13

Scarcity...

Accepted Answer

forces people to make choices., is a permanent situation., is a condition caused when wants exceed resources, affects individuals, businesses, governments, and societies.

Question 14

Scarcity or Shortage?: The government increased spending for the military but not for schools.

Accepted Answer

Scarcity

Question 15

All societies must answer 3 questions when confronting scarcity. Which of these is NOT asked?

Accepted Answer

How much will we charge for goods and services?

Question 16

Scarcity or Shortage?: Tickets to the 7 o'clock movie are sold out.

Accepted Answer

Shortage

Question 17

Entrepreneurship is defined as

Accepted Answer

the skill, ingenuity, and risk-taking to open a new business

Question 18

What is scarcity?

Accepted Answer

a situation that exists because wants exceed resources

Question 19

Labor is defined as

Accepted Answer

all the human time, effort, and talent that go into products

Question 20

Scarcity or Shortage?: Because of TN Promise, I will attend a 2 yr. college instead of a 4 yr.

Accepted Answer

Scarcity

Question 21

Scarcity or Shortage?: There has been little rain so the city has restricted water use.

Accepted Answer

Shortage

Question 22

Land, Labor, Capital, and Entrepreneurship are known in economics as...

Accepted Answer

The Four Factors of Production

Understanding Scarcity

Questions 22

Understanding Scarcity

Questions 22