What do economists mean by the term "scarcity"?
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  • Having too few or too little of resources
  • Having too many resources
  • Having just enough resources
  • Having the correct amount of resources
Which choice best describes the economic problem of scarcity in the world?
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  • People have limited wants there is an unlimited amount of resources.
  • People have unlimited wants but there is a limited amount of resources
  • People have no wants so resources don't matter
These productive resources are raw materials that come from nature or the earth that people use to make goods.
  • Natural Resources
  • Human Resources
  • Capital Resources
Which of the following are examples of goods?
  • Apples, Computers, Clothing
  • Firemen, Police Officers, Soldiers
  • Health, Love, Friendship
Which of the following are examples of services?
  • Apples, Computers, Clothing
  • Firemen, Police Officers, Soldiers
  • Health, Love, Friendship
Which of the following is not one of the three basic questions economists try to solve?
  • What should be produced?
  • How should it be produced?
  • Who gets what is produced?
  • When should it be produced?
Which two countries would likely trade with each other?
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  • Two countries that are located far away from each other
  • Two countries that both have the same population.
  • Two countries who people both speak the same language.
  • Two countries that each specialize in producing different goods.
A person who buys goods and services
  • consumer
  • entrepreneur
  • resource
  • currency
How much people want something
  • supply
  • demand
How much of something is available
  • supply
  • demand
Why would a business want to spend their money to invent new items?
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  • They can save money
  • They will fix broken items
  • They can buy cool goods
  • They can make new goods to sell
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