chapter 1

Question 1

why does scarcity exist

Answer 1

there are not sufficient resources to produce good and services

Question 2

why will scarcity continue to be a problem in the future

Answer 2

———- will continue to ———-

Question 3

what is the basic economic problem

Question 4

the economic problem of not being able to satisfy everyone wants
arise because of what

Answer 4

scarcity

Question 5

define opportunity cost

Answer 5

the next best ———- foregone when we ——- a choice

Question 6

what are free goods

Answer 6

——- that does not require any ——— to ——— it does not have economic value and opportunity cost

Question 7

define economic goods

Answer 7

good swich require ——- to make it it has —— and a ——–

Question 8

what are the 4 factors of production

Answer 8

. land
labor
. capital
. enterprise

Question 9

define land

Answer 9

it covers all the ——- ——- wich is used in ———-

Question 10

what is a an economic factor of land

Answer 10

tourism

Question 11

define factor of production

Answer 11

the ———– resources of land ——- ———- ——–

Question 12

define labour

Answer 12

labour is all the ——- —— that involves in the ———— of good and services

Question 13

define capital

Answer 13

capital the mannade ——— used inthe ———- of good and services

Question 14

define enterprise

Answer 14

the willingness and ——- to —- —- and to ——- the other 3 ——- of——-

Question 15

what is another word for capital goods

Answer 15

capital goods and producer goods

Question 16

example of capital goods are

Answer 16

road
factories
office
tools

Question 17

what is meant by occupationally mobile

Answer 17

capable of changing ——– example changing the ——-

Question 18

what is meant by geographically immobile

Answer 18

——– of ——- from one location to another ——–

Question 19

what are the factors effecting the mobility and immobility of labour

Answer 19

. difference in the price and avability of --------
. family ties 
. diffference in educational --------
. lack of information
. --------- on the movement of workers