Scarcity in economics arises because of?

not enough resources to satisfy all wants

Economics is the study of....?

How scarce resources are used to satisfy unlimited wants

Scarcity means we have to

make choices as to how we use limited resources

A person's limited resources/means are?

Family, Income, Time and skills

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Year 9 Economics quiz

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Economics basics for Year 9

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Questions 12

Answers

1
Scarcity in economics arises because of?
not enough resources to satisfy all wants
limited wants.
excess resources compared to wants
unlimited resources
2
Economics is the study of....?
How scarce resources are used to satisfy unlimited wants
the choices between producing goods and services
limited wants compared to unlimited resources.
the opportunity cost of the purchases consumers make.
3
Specialisation will also result in needing others to produce goods we don't. This is called
reliance
independence
self sufficiency
interdependence
4
Which of these is a free good?
Tap water
Rain water
MIneral water
Bottled water
5
Scarcity means we have to
produce more goods in our economy
go without many goods we need
ration goods to allow more people to have their needs
make choices as to how we use limited resources
6
Our choices are influenced by:
celebrities
our parents
our mates
our values
7
Interdependence occurs between consumers and producers with
consumers relying on producers for goods & services
all of the above
consumers relying on producers for an income
producers relying on consumers for their labour
8
Deciding to use resources in one particular way means giving the next best use. This is...
Monetary cost
Opportunity cost
Resource use
F.I.T.S
9
The basic economic problem facing all economies is...?
Scarcity
Greed
Unemployment
How to look after the poor
10
Interdependence occurs between consumers and the government
the government relying on consumers to pay taxes
consumers relying on the government to provide for goods & services
consumers relying on the government for an income
all of the above
11
Specialisation results in all of the following except
improved quality of goods produced
goods aren't as scarce
greater job satisfaction
increased quantity of good produced
12
A person's limited resources/means are?
Clothing and shelter
Family, Income, Time and skills
Money
Time & Skills

Year 9 Economics quiz Flashcards | StudBud