True/False: Human wants will always exceed available resources.
True
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15
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. They decide on skatepark. Opportunity cost?
computers
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seesaw
Swap points!
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fairy
Take points!
5
10
15
20
25
rocket
Go to first place!
Okay!
lifesaver
Give 15 points!
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25
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
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trap
No points!
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rocket
Go to first place!
Okay!
rocket
Go to first place!
Okay!
baam
Lose 25 points!
Oops!
20
List the factors of production that Apple needs to make its products
Land for factories and stores, people to work in factories and shops, all of the parts for the phones and factories, entrepreneurs to bring it all together
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15
Give examples of what would be included in the LAND factor of production
physical land, such as the acres used for a farm or the city block on which a building is constructed
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15
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
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20
Four factors of production
land, labour, capital and enterprise.
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20
In the law of supply and demand, what happens to demand when the price goes up?
Demand goes down
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15
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they canât make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision
muffins
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15
Give examples of what would be included in the LABOUR factor of production
all wage-earning activities, such as the work of professionals, retail workers, and so on
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thief
Give points!
5
10
15
20
25
seesaw
Swap points!
Okay!
shark
Other team loses 20 points!
Okay!
banana
Go to last place!
Oops!
15
What do you study in economics?
people use their scarce resources to satisfy their unlimited wants.
