2 Beyond the Issue of Scarcity

Question 1

raw materials in manufacturing

Answer 1

natural resources

Question 2

land, forest, water, energy minerals

Answer 2

natural resources

Question 3

2 types of land used for residential, commercial, industrial, agricultural purposes

Answer 3

alienable land, disposable land

Question 4

covered by forests, main activity is logging

Answer 4

forest land

Question 5

solar energy, hydro energy, wind energy, coal, geothermal energy, nuclear energy

Answer 5

natural resources

Question 6

gathering, processing, utilizing raw/natural resources

Answer 6

capital resources

Question 7

machinery, equipment, vehicles, factories

Answer 7

capital resources

Question 8

depreciates over time

Answer 8

capital resources

Question 9

producing goods

Answer 9

productive

Question 10

used repeatedly for a long period of time

Answer 10

fixed

Question 11

used for specific purpose/activity

Answer 11

special

Question 12

what people contribute to the economy

Answer 12

human resources

Question 13

study of statistics like births, deaths, age, gender, income, incidence of disease, showing changing structure of the human population

Answer 13

demography

Question 14

people living in certain place

Answer 14

population

Question 15

measurement of population per unit area

Answer 15

population density

Question 16

limited resources

Answer 16

scarcity

Question 17

always existing

Answer 17

scarcity

Question 18

can be fixed with proper distribution and allocation

Answer 18

scarcity

Question 19

demand > supply

Answer 19

shortage

Question 20

involving products, supplies

Answer 20

shortage

Question 21

involving resources

Answer 21

scarcity

Question 22

temporary imbalance

Answer 22

shortage

Question 23

fixed by adjusting prices, supply, demand

Answer 23

shortage

Question 24

malthusian theory of population

Answer 24

proposes that population growth will always outpace supply of resources

Question 25

positive checks to population

Answer 25

natural disasters, epidemics, pandemics, war, famine

Question 26

preventive measures to population

Answer 26

late marriages, celibacy, self-restraint, family planning

Question 27

inadequate land

Answer 27

indication of natural scarcity

Question 28

depletion of non-renewable resources

Answer 28

indication of natural scarcity

Question 29

poverty and hunger

Answer 29

indication of natural scarcity

Question 30

low life expectancy + QOL

Answer 30

indication of natural scarcity

Question 31

dependence on imported capital goods

Answer 31

indication of capital scarcity

Question 32

limited availability and usage of machineries and specialized equipment

Answer 32

indication of capital scarcity

Question 33

high labor force but few jobs, or vice versa

Answer 33

indication of human resources scarcity

Question 34

high labor force but low knowledge, skills, or training

Answer 34

indication of human resources scarcity

Question 35

low wages

Answer 35

indication of human resources scarcity

Question 36

next best alternative use of a resource

Answer 36

opportunity cost

Question 37

price of next best thing you could’ve done, had you not made the 1st choice

Answer 37

opportunity cost

Question 38

what must be given up to get something you desire

Answer 38

opportunity cost

Question 39

any point above the curve in the graph is impossible

Answer 39

production possibilities frontier (ppf)

Question 40

any point below the curve in the graph is inefficient

Answer 40

production possibilities frontier (ppf)