Exam (elaborations)
1.2 - Resources and Scarcity – Instruction Exam – Questions & Answers
1.2 - Resources and Scarcity – Instruction Exam – Questions & Answers
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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
-
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