A shortage can be either short-term or long-term, but it is not an ongoing condition.

Scarcity is an ongoing part of the human condition.

Which of the following BEST defines labor?

In order for a resource to be considered scarce it must be expensive.

It is possible for a resource to be scarce in one part of the world and plentiful in another.

According to economists, as a result of scarcity, people must __________.

A higher demand for a good or service than what is currently available in the market is the definition of __________.

Which of the following would solve the problem of scarcity in the world and eliminate the need for economics?

Economists believe it is important to make __________ decisions about __________ resources.

Economics is the study of how society __________.

Which one of the following professionals provides goods for society’s consumers?

Land is defined as all natural __________.

Infrastructure is the basic structure used to support an entire __________.

Infrastructure can consist of all of the following EXCEPT:

Entrepreneurs are different from the rest of the labor force because they are __________ and __________.

Improved technology allows workers to be more __________ and productive.

Each of the following investments contributes to a higher quality labor force EXCEPT:

Which of the following is an important factor for continued economic growth?

Societies make choices about goods and services based on the availability of __________.

The price paid by a consumer for a particular good is most influenced by which of the following?

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