Question

peoples wants are unlimited. this fact means that which of the following is always present. 1 point

• costs of production
• marginal utility
• scarcity
• shortages

what are the factors of production? * 1 point

• land, labor, and capital
• wages, salary, and profits
• goods and services
• risk and opportunity

ocean waves can be used to generate electricity. ocean waves are considered which type of resource? * 1 point

• capital
• renewable
• perpetual
• nonrenewable

which of the following is a major reason the standard of living in japan is much higher than in nigeria? * 1 point

• richer natural resources
• fewer temporary shortages
• more foreign residents
• greater human capital

what is the best title for the list below? * 1 point
innovator
strategist
risk taker

Explanation:

1. Unlimited human wants paired with limited resources creates scarcity, which is always present.
2. The core factors of production are the inputs used to create goods: land, labor, and capital.
3. Ocean waves are a naturally replenishing resource, so they are renewable.
4. Japan's high standard of living stems largely from its well-educated, skilled workforce (greater human capital), not natural resources, foreign residents, or fewer shortages.
5. The terms innovator, strategist, and risk taker all describe key traits of an entrepreneur.

Answer:

1. scarcity
2. land, labor, and capital
3. renewable
4. greater human capital
5. Entrepreneur (Key Traits of an Entrepreneur)