Which of the following illustrates an economic response to the problem of scarcity?

Economics is the study of how people manage _________________.

When you go to the barber to get a haircut, you are consuming ________________.

When you and your family go out to eat in a restaurant, you are consuming __________________.

Which of the following would be an example of a consumer?

A karate instructor that teaches self defense to people in his backyard for a small fee, would be considered ________________.

Which of the following would be considered a NATURAL resource.

The skills and talent of a professional basketball player would be considered which of the following factors of production?

What sort of physical capital would a carpenter need to build a house?

The conflict between unlimited desire or demand and a limited amount of resources.

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