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Econ: Scarcity and Factors of Production Flashcards | StudBud
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Econ: Scarcity and Factors of Production
Econ: Scarcity and Factors of Production
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Scarcity. #tamoclass
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Answers
1
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2
How do we satisfy economic wants?
society makes choices using its productive resources
printing and circulation of money throughout the economy
businesses produce the goods and services
equitable distribution of society's income and wealth
3
Why is what we want scarce?
choices made in producing goods and services.
how people earn a living.
coping with scarcity and choices made.
factors influence the stock and bond markets.
4
One of the productive resources is capital. Capital includes
a company's stocks and bonds
tools, buildings, and machine tools
toys, forks, CD players, and pencils
money borrowed from a bank
5
Which of the following correctly lists the categories of factors of production?
land, buildings, capital, and entrepreneurship
labor, machines, buildings, capital, and entrepreneurship
land, labor, capital, and entrepreneurship
forests, fish, buildings, capital, and entrepreneurship
6
Economics studies how
to create incentives so that scarcity does not exist
we make choices in the face of scarcity
businesses reach decisions
to organize production so that scarcity does not occur
7
Factors of production are the
goods that are bought to produce productive resources
productive resources used to produce goods and services
goods and services produced by the economy
goods that are bought and used to provide enjoyment
8
Explain
and
Discuss
society's ability to satisfy our wants is limited by available resources.
"Can you explain again?"
"Yup, got it!"
9
Scarcity means that
wants are greater than what we can produce with resources
resources are unlimited
what we can produce with resources is greater than our wants
governments must make up for shortages in resources
10
Explain
and
Discuss
how society decides to use limited resources to satisfy unlimited wants.
"OK, got it!"
"Could you explain again?"
11
The inability of society to provide all prescription drugs necessary is an indication of
the "how" question
scarcity
the self-interest problem
surpluses
12
Economics is best described as the study of how
we choose to satisfy unlimited wants with scarce resources
scarce wants are allocated between unlimited resources
unlimited wants satisfied by allocating limitless resources
scarce labor can be replaced by unlimited capital
13
Scarcity is best defined as
difference between unlimited wants and unlimited resources
difference between unlimited wants and limited resources
difference between marginal benefit and cost of an action
difference between the benefit and cost of an action
14
The productive resource that includes work time and work effort is called
capital
labor
land
entrepreneurship
15
How do we satisfy economic wants?
society makes choices using its productive resources
printing and circulation of money throughout the economy
equitable distribution of society's income and wealth
businesses produce goods and services
16
Which of the following resources are examples of capital?
A registered nurse
A barrel of crude oil
A share of corporate stock
An electric typewriter
17
Why can't you get what you always want?
unpredictable supply and demand markets
relationship between wants and productive resources
balancing production and consumption of goods
lack of useful production models
18
Why is what we want scarce?
how people earn a living.
factors influence the stock and bond markets.
coping with scarcity and choices made.
choices made in producing goods and services.
19
Economics is the social science that studies
real reasons people buy goods and services
how people make choices to cope with scarcity
how choices made in the social interest eliminate scarcity
whether a nation has enough natural resources
20
The productive resource that organizes labor, land, and capital is
financial capital
government
human capital
entrepreneurship
21
Why can't you get what you always want?
"Yes, I got this."
"I understand some parts of this."
"Help. Could you explain it again."
22
Society's ability to satisfy our wants
means that only the poor face scarcity
is unrelated to incentives we face
is accomplished by eliminating scarcity
is limited by available productive resources
23
Scarcity requires that we
make choices about what goods and services to produce
produce efficiently
learn to limit our wants
have unlimited resources
24
Economists classify energy and water as part of which factor of production?
entrepreneurship
labor
capital
land
25
Homework:
Read and take notes.
"No way."
"I'm drowning in homework. I'm going to do it later."
2.2 Why Is What We Want Scarce (pp.20-22)
