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