Social Studies Economics Test 2nd grade

The wants that we have that are met by goods and services are called our (blank) .

• economic wants

• everyday wants

• unlimited wants

• opportunity cost

The process of making a good is how businesses ( blank ) their goods.

• create

• make

• produce

• plan

Trees, oil, water, and land are all examples of what?

• natural wants

• limited resources

• unlimited resources

• unlimited wants

The places that provide goods or services that people want are called what?

• producers

• stores

• businesses

• specializations

When you don't have enough of something, what are you experiencing?

• scarcity

• choices

• problems

• services

What are the things we find in nature that can be used by people?

• natural resources

• human resources

• capital resources

What do you call it when people or businesses produce a specific kind of good or service?

• capitalization

• specialization

• uniqueness

• production

A bakers oven, mixing bowl, mixer, bakery, flour, sugar, eggs, and other ingredients are all part of the bakers (blank).

• limited resources

• natural resources

• capital resources

What do you call things people can buy, that are tangible (able to be touched)?

• productions

• goods

• services

What do you call the things that other people do for you, that you pay for?

• goods

• services

• entertainment