Economics Quiz #1

Not enough of a certain resource to satisfy people's needs and wants

• Scarcity

• Goods

• Services

• Capital

The study of how people, businesses, and governments choose to use their limited resources.

• capital

• labor

• economics

• productivity

These four things are needed to produce goods and services...

• natural resources, labor, capital, entrepeneurs

• natural resources, labor, capital, goods

• natural resources, capital, entrepreneurs, technology

A person who comes up with the ideas for producing goods and services.

• Magician

• Entrepreneur

• Government Worker

• Business Teacher

Whatever is given up when a choice must be made (a trade-off).

• Specialization

• Opportunity Cost

• Factors of Production

• Economics

Tell your shoulder partner one example of opportunity cost.

• I completed the task

• I did not complete this task

The use of resources to produce only a SINGLE good or a few kinds of goods and services.

• capital

• opportunity cost

• specialization

• scarcity

Human-made items, such as machines and tools, that are used to produce goods and services.

• Natural Resources

• Capital

• Goods

These all play an important role in productivity...

• capital, education, technology

• education, technology, labor

• capital, education, natural resources

Three basic questions that economic systems cover... (click all that apply)

• What goods and services should be produced?

• How should those goods and services be produced?

• How do people become entrepreneurs?

• Who should get the goods and services?