The existence of scarcity requires
Part 2
A.
greater scientific advancements occur to eliminate it.
B.
having unfulfilled wants during times of economic depression.
C.
that people must make choices and face trade-offs in using their resources.
D.
that the government allocates resources.
C. that people must make choices and face trade-offs in using their resources.
Any activity that results in the conversion of resources into products that can be used in consumption is called
Part 2
A.
transformation.
B.
substitution.
C.
production.
D.
derived demand.
C. production.
Economic goods are
Part 2
A.
equivalent to all goods and services.
B.
unrelated to human wants.
C.
always tangible goods.
D.
goods that are scarce.
D. goods that are scarce.
Which of the following is not generally considered to be a resource (factor of production)?
A.
Upper A steelworker
.
B.
Upper A gold mine
.
C.
Upper A share of Kodak stock
.
D.
The head of General Motors
.