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SOL CE.11a
Civics & Economics SOL CE.11a
Question | Answer |
---|---|
The inability to satisfy all wants at the same time? | Scarcity |
Factors of production like natural, human, capital, and entrepreneurship? | Resources |
Making a selection from a set of possible alternatives? | Choice |
The cost of what is given up when a choice is made? | Opportunity Cost |
Combining resources to produce goods or services? | Production |
Using of goods and services? | Consumption |
We have unlimited wants, but resources, goods and services are… | limited |
Scarcity forces everyone to make difficult… | choices |
Available resources and consumer preferences determine what is… | produced |
Consumer preferences and price determine what is… | consumed |
What type of resource are wood, coal, oil and iron? | Natural |
What type of resource are the workers who produce goods and services? | Human |
What type of resource are tools, equipment, buildings, and machinery? | Capital |
What type of resource are business owners who produce goods and services? | Entrepreneurship |