Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.
What is an example of goods?
Opportunity cost means that something needs to be
Which of the following are considered needs? Choose three answers.foodInternetcell phoneresidencetelevisionwater
Which of the following would be considered a nonrenewable resource?
What type of labor force might a pottery factory want to focus on when hiring?
The factors of production attempt to instill the idea that resources are
What might happen if an economy is unable to produce wanted goods and services?
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Which of the following would be a producer?
Which of the following is influenced by personal economic choices? Choose four answers.the cost of your rent and utilitiesthe resources you have availablethe amount of money you spend on a bus passthe money you decide to spend on leisure productsthe amount of money you put into your savings accountthe manner in which you balance your time between work and leisure
John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?
What is one purpose of studying economics?
Land is considered a resource because it
What are the basic types of resources used by producers? Choose three answers.capitallaborvaluescarcityland
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