Resources and Scarcity – Flashcards

Unlock all answers in this set

Unlock answers
question
allocate
answer
to distribute something among those who need or want it
question
nonrenewable resource
answer
a resource that, once used, is no longer available
question
renewable resource
answer
a resource that can be replenished after use
question
scarcity
answer
the idea that all resources are limited and insufficient to meet unlimited wants and needs
question
value
answer
the worth of an item in in consideration with goods, services, or money
question
How would a manufacturer benefit by using fewer scarce resources?
answer
The product would be less expensive to produce
question
What determines the value of an item?
answer
the resources consumed in production
question
Which most likely occurs because resources are nonrenewable and because wants and needs are unlimited?
answer
scarcity
question
Which resource is both renewable and inexpensive?
answer
lumber
question
A basic concept in economics is that all resources are
answer
limited
question
Based on economic theory, if a person wants to purchase a large stereo system, what must necessarily occur?
answer
allocation of resources
question
A product __________ can be defined as whatever people use to create services and goods..
answer
resource
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New