Exam (elaborations)
1.2 - Resources and Scarcity – Instruction Exam – Questions & Answers
- Course
- Institution
1.2 - Resources and Scarcity – Instruction Exam – Questions & Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
1.2 - Resources and Scarcity –Instruction Exam – Questions &
Answers
Katrina is starting her own business producing all-natural beverages. She
must use _________ to create her product.
The water that she is using to create her beverage line is an example of ____.
The number of employees required to produce her beverage line is an
example of _____.
The rent money she pays for a factory to produce her beverage line is an
example of _______. - -- resources
- land
- labor
- capital
-renewable resources - -- forest
- water
- wind
-nonrenewable resources - -- oil
- iron
- silver
-Which of these statements demonstrate the economic concept of scarcity? -
-- All useful resources are limited in their supply.
- The wants and needs of people are unlimited.
- Resources are scarce, which explains why we are willing to pay for them.
- Because of scarcity, individuals must make choices.
-Choose the word or phrase that completes each sentence.
_____ helps businesses allocate resources for their best and most productive
uses.
The more ______ a resource, the more costly it will be.
A manufacturer that requires scarce and costly resources is likely to charge
____ for its products. - -- Value
- scarce
- more
-
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now