1.1... Economic goods are A Freely available B Goods that belong to anybody C Plentiful D Scarce 1.1.2 Opportunity cost is the value of A The product B The utility C The next best alternative D The value of the first best choice 1.1.3The factor of production that earns interest is A Land B Capital C Labor D Entrepreneur 1.1.4 The purpose of production is to __ A Provide goods and services B Create goods and services C Extract raw materials from nature D Exchange element in the economic process

1.1.1 D Scarce<br />Economic goods are scarce, meaning they are limited in supply and cannot satisfy all human wants and needs. This is why they have a price and are considered valuable.<br /><br />1.1.2 C The next best alternative<br />Opportunity cost refers to the value of the next best alternative that is given up when making a choice. It represents the benefits that been obtained by choosing the next best alternative.<br /><br />1.1.3 B Capital<br />Capital is the factor of production that earns interest. Capital refers to the machinery, equipment, and factories used in the production of goods and services. Interest is the return earned on capital investments.<br /><br />1.1.4 A Provide goods and services<br />The purpose of production is to provide goods and services to meet the needs and wants of consumers. Production involves the combination of factors of production, such as land, labor, capital, and entrepreneurship, to create goods and services that can be exchanged in the market.