The existence of scarcity requires

Question

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.

Answer 1

C. that people must make choices and face​ trade-offs in using their resources.

Answer 2

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.

Answer 3

C. production.

Answer 4

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.

Answer 5

D. goods that are scarce.

Answer 6

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
.

Answer 7

C. Upper A share of Kodak stock.