Lesson 1.1: Listening - The Origin of Economics: Scarcity

Watch the following video on Scarcity and answer the questions. Watch it as many times as necessary.

Quiz

Watch the video above and then answer these questions:

 

1. Where does the word Economy come from?
   1.   The German word for house and distribute.
   2.   The Greek word for house and distribute.(The management of a household)
   3.   The Latin work for house and distribute.(The management of a household)
2. What is the basic economic problem?
   1.   Needs and wants are unlimited but resources are scarce.
   2.   Needs and wants are limited and resources are scarce.
   3.   Needs, wants and resources are unlimited.
3. What is a synonym for resources?
   1.   Goods and services
   2.   Products
   3.   The factors of production
4. What are the 4 types of resources?
   1.   Land, capitals, labour and banking
   2.   Land, capital, labour and entrepreneurship
   3.   Land, governments, businesses and labour
5. What are the four examples of scarcity that are given.
   1.   Corn, oil, seats in a movie theatre and lemonade
   2.   Corn, money, lemonade and houses
   3.   Houses, money, lemonade and animals
6. Scarcity always leads to
   1.   Money
   2.   Business
   3.   Choice/making a decision
7. Economics is the social science that studies
   1.   How people use scarce resources to satisfy unlimited needs and wants
   2.   How people do business in different countries
   3.   How people use scarce resources to sell products