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scarcity
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StudBud Administration
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1
The satisfaction received from using one more unit of a good or service is the
incentive
marginal benefit
trade-off
opportunity cost
2
Who decides what goods and services will be produced in Cuba and North Korea?
workers
consumers
producers
government
3
Which of these situations describes scarcity?
A country has an unskilled work force
Human wants exceed available resources
consumers want expensive products
some desired things are in short supply
4
The additional cost of using one more unit of a product is the
marginal cost
opportunity cost
trade-off
utility
5
Which factor of production brings the other three factors together?
land
entrepreneurship
capital
labor
6
Which term describes the resources that people make and use to produce goods and services?
entrepreneurship
capital
labor
land
7
The value of what you give up in order to get something else you want is the
opportunity cost
marginal cost
utility
marginal beenefit
8
A benefit that is offered to encourage people to act in a certain way is called a(n)
incentive
trade-off
opportunity cost
utility