answer 1-5 aswell as B: Extended Response

SECTION SECTION 1 QUIZ 1 Scarcity: The Basic Economic Problem A: Multiple Choice 5 / 5 Choose the letter of the best answer. 1. A need is fulfilled bya a. video games c. jewelry b. food d. movie ticketson 2. The study of how people choose to use scarce resources to satisfy their wants is called a. choice c. entrepreneurship b. economics d. scarcity 3. The ongoing tension of not having enough resources to meet human wants is called a. need c. shortage b. scarcity d. surplus d Boxing 4. Physical products that can be purchased are called a. bonds c, goods b. services d. stocks 5. The human time, effort, and talent that go into the making of products is called a. capital ourroggo b c. knowledge b. labor d. scarcity B: Extended Response ghton Mifflin Company. Answer the following question on the back of this paper or on a separate sheet of paper. What three economic questions does scarcity require every society to address