Intro to Business Chapter 1

1.

Multiple Choice

1 min

1 pt

Which of the following is correct?

A need is necessary for survival

Examples of capital resources are water, iron, air, or gold

Human resources are also called people

Services are things you can buy, like ice cream or textbooks

2.

Multiple Choice

30 sec

1 pt

The conflict between unlimited wants and limited resources is called:

Basic economic scarcity

Wants

Scarcity

Factors of Production

3.

Multiple Choice

30 sec

1 pt

A cell phone is a need for most people in 2015

True

False

4.

Multiple Choice

30 sec

1 pt

Which is an example of a service?

Smart Board

Hair stylist

Piece of paper

Homeless man

5.

Multiple Choice

30 sec

1 pt

Businesses and governments don't deal with scarcity

True

False

6.

Multiple Choice

30 sec

1 pt

Which is are types of economic resource?

Wants & Needs

Goods & Services

Scarcity & Surplus

Land, Labor, & Capital

7.

Multiple Choice

30 sec

1 pt

What is another name for human resources?

Labor

People

Homies

Workers

8.

Multiple Choice

30 sec

1 pt

Things that you can see and touch are

Wants

Services

Goods

Needs

9.

Multiple Choice

30 sec

1 pt

How many steps are in the economic decision making process?

3

5

6

7

10.

Multiple Choice

30 sec

1 pt

The process of choosing which wants, among several wants being considered, will be satisfied

Defining the problem

Basic economic problem

Factors of production

Economic decision making

11.

Multiple Choice

30 sec

1 pt

When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.

True

False

12.

Multiple Choice

30 sec

1 pt

Wants are limited

True

False

13.

Multiple Choice

30 sec

1 pt

Which is a step in the decision making process?

Choose

Ask for another opinion

Look at your resources

Wait

14.

Multiple Choice

30 sec

1 pt

The three economic resources are often shortened to

Earth, humans, and buildings

Land, labor, and capital

Earth, people, and capital

Land, humans, and capital

15.

Multiple Choice

30 sec

1 pt

Economic resources can also be referred to as

Factors of production

Goods and services

Wants and needs

Scarci

16.

Multiple Choice

30 sec

1 pt

I have 7 students and only 5 cookies. The cookies are

Sad

Scarce

Wants

Services

17.

Multiple Choice

30 sec

1 pt

The economic resource used to make a desk is

Natural & Capital Resource

Human Resources

Labor & Capital Resources

Land, Labor, & Capital Resources

18.

Multiple Choice

30 sec

1 pt

Starving African children have the same needs as obese American children.

True

False

19.

Multiple Choice

30 sec

1 pt

Which is a want?

Water

Food

Milk

Love

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