1. Which of these is an example of a capital resource? (1 point)
workers
iron ore
entrepreneurs
computers
2. How does scarcity affect customers? (1 point)
Limited money forces consumers to make choices.
Limited time prevents customers from making decisions.
Limited numbers of producers force customers to be loyal.
Limited wants and needs limit customers to small purchases.
1. To determine which of these is an example of a capital resource, we need to understand what capital resources are. Capital resources are resources that are used to produce goods and services. They are man-made goods used in the production process.
To identify the capital resource from the options given, we need to consider which one is a man-made good used in production.
a) Workers: While workers are an essential part of production, they are not typically considered capital resources. Workers are considered human resources or labor resources.
b) Iron ore: Iron ore is a natural resource, not a capital resource. It is a raw material used in the production process but does not fit the definition of capital resources.
c) Entrepreneurs: Entrepreneurs are individuals who bring together the other factors of production (land, labor, and capital) to start and run a business. They are not considered capital resources either.
d) Computers: Computers, on the other hand, are man-made goods used in the production process. They are used by workers and entrepreneurs to enhance productivity and efficiency. Therefore, computers are an example of a capital resource.
So, the correct answer is computers.
2. Scarcity refers to the limited availability of resources relative to unlimited wants and needs. It affects customers in various ways, but the most common impact is on their choices and decisions.
a) Limited money forces consumers to make choices: Scarcity of money means that consumers have a limited amount of purchasing power. This scarcity necessitates making choices about which products or services to prioritize and allocate their limited funds towards.
b) Limited time prevents customers from making decisions: While time scarcity can influence decision-making, it is not specifically related to customers. Time constraints can affect both customers and producers, but in this context, we are focusing on the impact of scarcity on customers.
c) Limited numbers of producers force customers to be loyal: This statement does not accurately reflect the impact of scarcity on customers. Competition among producers typically benefits customers by providing more choices, lower prices, and improved products.
d) Limited wants and needs limit customers to small purchases: This statement captures a partial aspect of the impact of scarcity on customers. Limited wants and needs can constrain customers to make smaller or fewer purchases, prioritizing their most essential needs and reducing their consumption in other areas.
Therefore, the most accurate answer is "Limited money forces consumers to make choices" as scarcity of money affects customers by necessitating decisions on how to allocate their limited funds.