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Economics: Chapter 1 Test Review

Authored by Incredible

Social Studies

9th - 12th Grade

Used 65+ times

Economics: Chapter 1 Test Review
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27 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An item that is used in the production of other goods and services.

Capital Resources

Credit

Entrepreneur

Money

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Form of exchange that allows consumers to use an item with a promise of repayment over a specified time.

Credit

Barter

Consumer

Needs

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Someone who undertakes and develops a new business or product.

Entrepreneur

Want

Producer

Consumer

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

To exchange goods and services without the use of money.

Barter

Trade

Exchange

Needs

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The people who buy goods and services.

Consumer

Producer

Need

Want

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods and services that are required to live.

Needs

Wants

Service

Utility

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Any material provided by nature to produce goods and services.

Natural Resources

Human Resources

Factors of Production

Capital Resource

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