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Scarcity Video and Quiz Flashcards | StudBud

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Scarcity Video and Quiz

8 terms·StudBud Administration·34 plays

Play the Quiz! game to test your skills about Scarcity! This quiz game reviews the concepts discussed in the Scarcity video. To access the entire resource, go to https://www.econedlink.org/resources/scarcity-video-and-quiz/

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Questions 8

Answers

1
Which of these statements is correct?
Scarcity only exists in lesser developed countries
Wealthy people do not experience scarcity
Scarcity requires people to make choices
Expensive cars are not considered scarce
2
1 hour spent on 1 activity takes away 1 hour of another activity. This trade-off is called
Scarcity
opportunity cost
sacrifice
shortage
3
What is the purpose of the factors of production?
Demand and supply
Resources for production
Income and economic growth
Trade
4
What are the four factors of production?
Land, Labor, capital, Entrepreneurship
Land, Liberty, Capital Entertainment
Land, Labor, Capital, Entertainment
Water, Air, Earth, Fire
5
What makes a resource or good scarce?
Must be unlimited in quantity
Idk
Must have only one use
Must be desirable
6
Which one of these is not a scarce item?
gold
clean air
doctors
garbage
7
How many factors of production are there?
6
4
10
3
8
We all face a scarcity of time because there are not enough hours in a day.
False
True