Why can't economies provide all people with all goods and services they desire?

Society lacks the resources to fulfill unlimited wants

Which best describes a trade-off

giving up some of one thing for more of another

limited resources and unlimited wants

Which is not one of the basic questions of economics?

What price will the government charge

What could have caused the shift to happen in the PPC of a factory?

New robots were purchased to work in a factory

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EconCh1

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Intro to economics

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Questions 15

Answers

1
Why can't economies provide all people with all goods and services they desire?
Society lacks the resources to fulfill unlimited wants
Society lacks capital resources needed to produce goods
Countries lack the ability to access their natural resources
Countries lack the labor to produce goods
2
Which best describes a trade-off
exchanging one good for another
giving up some of one thing for more of another
evaluating the opportunity costs of many economic exchanges
making profits in the market
3
Scarcity is
unlimited supply of resources
limited resources and unlimited wants
unlimited jobs available to workers
the need for consumers to find unlimited resources
4
Imagination, innovation, and management needed to start a business
Entrepreneurship
Factors of Production
Producers
Profits
5
The profits made from producing one more item is the
Marginal benefit
Profits
Marginal cost
Trade-off
6
Tractors, robots, trucks are
capital resources
land resources
natural resources
labor resources
7
Focuses on the choices of individuals, consumers, and businesses
Macroeconomics
Capitalist economy
Production Possibilities Curve
Microeconomics
8
Which is not one of the basic questions of economics?
what resources will be used to produce
who will receive the products
What is going to be produced
What price will the government charge
9
What does letter E represent on the curve
Unattainable
Inefficiency
Efficiency
Trade-offs
10
What could have caused the shift to happen in the PPC of a factory?
New robots were purchased to work in a factory
A power outage shut down a factory
A shipment of parts is delayed due to a hurricane
Jobs were sent overseas
11
A factory producing TVs begins producing radios. If they produce 50 radios what is the Op.Cost?
80 tvs
40 Tvs
35 Radios
50 Radios
12
employees, managers, CEOs are examples of
natural resources
all options are correct
capital resources
human resources
13
What does letter B represent?
Opportunity Costs
Efficiency
Inefficiency
Marginal Benefit
14
Relies on voluntary trade in markets
Profits
Capitalism
Macroeconomics
Entrepreneurship
15
Needs like food, shelter, water
Opportunity Costs
Psychological Wants
Factors of Production
Physical Wants

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