Basic Economics List # 1

Mental talents of workers is an example of what productive resource?

Why do MOST producers use their resources to produce goods and services?

The password for the quiz is...

Producers are people who use scarce resources to make or do things for consumers. Which is NOT a producer?

What is the non-monetary (non-money) opportunity cost of attending college?

Since resources are scarce, what must producers consider when deciding what, how much and for whom to produce?

An item that is scarce must meet three requirements. Which of the following is NOT one of these requirements?

Volunteers are motivated by what?

Which productive resources are scarce?

What is the definition of opportunity cost?

All businesses that sell goods and services require what to produce these goods and services?

There are vast reserves of oil in Saudi Arabia but it is still considered scarce. Why is this true?

Capital Resources does not include which of the following examples?

Scarcity exists when ________ exceed the capacity of available _________.

Why is radioactive waste not scarce?

What do people generally NOT consider when choosing a job?

A famous economics saying is, "There is no such thing as a free lunch." What does this statement mean?

Which productive resource is intangible?

You can purcahse one of these: candy bar, soda, or chips. You rank your choices as follows: 1)candy bar 2)soda 3)chips

Who determines your opportunity cost?