section quiz 5.01
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| a farmer has 1,00 acres. he decides to pant apple trees on 800 acres and raise cows on the remaining 200 acres. if he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. this is an example of: | opportunity cost
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| which occurs when the supply of individuals who are able and willing to work diminishes? | human resources become limited
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| a business that begins selling winter holiday decorations in late autumn is creating what type of utility? | time
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| which is an external factor that affects market price? | consumer buying power
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| one factor that might limit the human resources available for certain jobs is a/an: | inadequate pay level
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| which is a reason that natural resources are considered limited? | the earth has certain boundaries
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| which group of words best described wants? | unlimited, changing, and competing
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| the usefulness of a product to consumers is referred is to as product: | utility
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