SET 2: Scarcity, Opportunity Cost, Factors of Production

0.0(0)

Studied by 0 people

Call Kai

Learn

Practice Test

Spaced Repetition

Match

Flashcards

Knowt Play

Card Sorting

1/6

Earn XP

Intro to Economics

Last updated 2:13 PM on 5/20/26

Name	Mastery	Learn	Test	Matching	Spaced	Call with Kai

No analytics yet

Send a link to your students to track their progress

1

New cards

What is scarcity?

Not enough resources to satisfy all wants.

2

New cards

Name the four causes of scarcity.

imited land, labour, capital, enterprise.

3

New cards

What is opportunity cost?

The next best alternative sacrificed.

4

New cards

What does “land” include?

Natural resources.

5

New cards

What is labour?

Human effort (mental + physical).

6

New cards

What is capital?

Man‑made tools, machinery, buildings.

7

New cards

What is enterprise?

Entrepreneurship, innovation, risk‑taking.