Chapter 1&2
Understanding Scarcity and Resources
Test your knowledge of the essential concepts in economics with our engaging quiz! Dive into topics such as resources, scarcity, and factors of production. Discover how these principles shape our understanding of economic goods and decision-making in business.
- 10 questions covering key economic concepts
- Multiple choice and text response formats
- Perfect for students and anyone interested in economics
Factors used to produce goods and services.
Manufacture
Resources
Production
Explain scarcity
Is not enough to satisfy any wants
When there is a excess of recourses
Not enough to satisfy the needs
True or false. A product that necessitates the use of resources is referred to as an economic good. to create it and as a result has cost of opportunity
True
False
Which of the following is a example of free good
Bulb
River
A new door
Pencils
Land in its traditional sense is ___. It is not possible to move a part of US to Europe
Mobility factor
Geographically immobile
Occupationally mobile
Is the most mobile factor of production
Land
Labour
Enterprise
Capital
Advances in _____enable capital goods to produce a higher output and a better quality output
Manufacturing of Raw materials
Technology
Science
The amount of physical land does not change much with time. There is a certain degree of ____ which reduces the supply of agricultural land
Soil erosion
Soil degradation
Abrasion
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