scarcity

Question 1

The basic economic problem

Answer 1

scarcity

Question 2

Consumers have what two basic desires.

Answer 2

wants and needs

Question 3

desires that can be satisfied by consuming a good or service.

Answer 3

wants

Question 4

are things such as food, clothing, and shelter, that are necessary for survival.

Answer 4

needs

Question 5

scarcity is the situation that exists when there are not enough what to meet human wants.

Answer 5

resources

Question 6

is the study of how people choose to use scarce resources to satisfy their wants.

Answer 6

econimics

Question 7

is central to the use of scarce resources

Answer 7

choice

Question 8

are work that one person performs for another for payment

Answer 8

services

Question 9

is a person who buys goods or services for personal use

Answer 9

consumer

Question 10

is a person who makes goods or produces services

Answer 10

producer

Question 11

Scarcity requires every society to address what three basic economic questions.

Answer 11

What will be produced?
How will it be produced?
For whom will it be produced?

Question 12

They divide the factors of production into what four broad categories:

Answer 12

Land
Labor
Capital
Entrepreneurship

Question 13

All of these factors have one thing in common- their supply is what

Answer 13

limited

Question 14

includes all the natural resources found on or under the ground that are used to produce goods and services.

Answer 14

land

Question 15

is all the human time, effort, and talent that go into making of products.

Answer 15

labor

Question 16

is all the resources made and used by people to produce and distribute goods and services

Answer 16

capital

Question 17

capital is sometimes called what

Answer 17

physical or real capital

Question 18

A graph used by economist to show the impact of scarcity on an economy

Answer 18

Production possibilities frontier (ppf)

Question 19

Ppf is based on assumptions that simplify what economic interactions

Answer 19

Resources are fixed
Resources are fully employed
Only two things can be produced
Technology is fixed

Question 20

Latin phrase used in economics to mean all other things being held equal or constant

Answer 20

Ceteris parikus

Question 21

What does the ppf represent

Answer 21

The border /frontier

Question 22

In what way does ppf show opportunity costs of each choices

Answer 22

Visual

Question 23

The condition in which economic resources are being used to produce the maximum amount of goods and services

Answer 23

Efficiency

Question 24

Condition in which economic resources are not being used to their full potential

Answer 24

Underutitilization

Question 25

Shape of the ppf shows how much of economic concept

Answer 25

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