 |  Scarcity 20 Flashcards |  Start |
 | 1 / 20 The fundamental economic issue that arises due to limited resources is known as ___ problems.
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| 2 / 20 Scarcity
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| 3 / 20 True or False: Economic goods are abundant and do not have a price tag.
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| 4 / 20 False. Economic goods are scarce and carry a price tag.
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| 5 / 20 Which type of goods are characterized by their ability to generate profits for producers?
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| 6 / 20 Economic goods
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| 7 / 20 Fill in the blank: Free goods are abundant, while economic goods are ___ relative to demand.
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| 8 / 20 Scarce
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| 9 / 20 Riddle: I am something once abundant, now scarce due to pollution and growth. What am I?
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| 10 / 20 Drinking water
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| 11 / 20 What must producers, consumers, workers, and governments do because of resource scarcity?
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| 12 / 20 Make choices regarding the allocation of resources.
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| 13 / 20 Fill in the blank: Shelter, food, and clothing are categorized as ___, while luxury items are considered ___ .
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| 14 / 20 Needs; wants
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| 15 / 20 True or False: Free goods can be sold for profits due to their scarcity.
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| 16 / 20 False. Free goods cannot be sold for profits because they are abundant.
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| 17 / 20 Short Answer: Why do economic goods have value?
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| 18 / 20 Because they are scarce relative to demand.
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| 19 / 20 Fill in the blank: In economics, resources that are limited compared to wants are known as ___ of production.
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| 20 / 20 Factors
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