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- 1. Multiple Choice
____________ are essential, while ___________ just add to the quality of life.
Goods, services
Needs, wants
Products, services
Wants, needs
- 2. Multiple Choice
True or False?
Purchasing and consuming goods and services is how you satisfy your needs and wants.
True
False
- 3. Multiple Choice
Needs and wants are ______________, while our resources are _____________.
satisfied, unsatisfied
limited, unlimited
unlimited, limited
necessary, unnecessary
- 4. Multiple Choice
Which of the following is NOT an economic resource?
Natural Resource
Capital Resource
Human Resource
Monetary Resource
- 5. Multiple Choice
Which of the following is a capital resource?
Water
Labor
Buildings
Animals
- 6. Multiple Choice
True or False?
The basic economic problem is that we have unlimited needs and wants, but we have limited resources.
True
False
- 7. Multiple Choice
True or False?
Scarcity means not having enough resources to satisfy every need.
True
False
- 8. Multiple Choice
Things available to be used to produce goods and services
goods
market price
demand
economic resources
- 9. Multiple Choice
Things that are required in order to live
needs
wants
chocolate
luxuries
- 10. Multiple Choice
Not having enough resources to satisfy every need
needs
wants
scarcity
luxuries
- 11. Multiple Choice
Person who buys and uses goods and services
consumer
producer
manager
entrepreneur
- 12. Multiple Choice
needwant - 13. Multiple Choiceneedwant
- 14. Multiple ChoiceDoes this person provide a good or a service?goodservice
- 15. Multiple ChoiceDoes this person provide a good or a service?goodservice
- 16. Multiple ChoiceWhat is an example of human capital?a country's standard of livingthe cash a business has to spendthe workers of a business or countrythe buildings, equipment, and property of a business
- 17. Multiple ChoiceWhich is an example of human capital?EducationRoadsFactoriesMachinery
- 18. Multiple ChoiceYour friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?Natural ResourcesCapital ResourcesEntrepreneurshipLabor Resources
- 19. Multiple ChoiceWaiters, police, nurses, office workers, and truck drivers are all examples of what type of industry?ManufacturingServiceAgricultureMining
- 20. Multiple ChoiceWhat is an example of a Natural Resource?PaperGMO FoodVegetation
- 21. Multiple Choice
The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.
True
False
- 22. Multiple Choice
The means through which goods and services are produced are called
economic resources
needs
spending opportunities
economic choices
- 23. Multiple Choice
All of the following are capital resources EXCEPT
a pickup truck
a factory
a hammer
employees
- Answer choicesTagsAnswer choicesTags