Intro. to Economics Quiz1

Anything that is tangible, visible and has value to satisfy human wants.

• A service

• A product

• A good

• Capital

Any work done and has economic value to receivers.

• A good

• A service

• Land

• Product

A social science concerned with how consumers, producers, & societies make choices for allocating their scare resources to satisfy their unlimited wants.

• Economics

• Macroeconomics

• Microeconomics

• Scarcity

A branch of economics which studies the behavior of individual economic agents.

• Economics

• Macroeconomics

• Microeconomics

• Scarcity

a branch of economics which studies the behavior of the economy as a whole.

• Economics

• Macroeconomics

• Microeconomics

• Scarcity

All natural resources used to produce goods and services.

• Capital

• Labor

• Land

• Product

A human made resources used to produce other goods and services.

• Capital

• Labor

• Land

• A service

Any physical or mental effort used to produce goods and services.

• A good

• Labor

• Land

• A service

Factors of production includes.

• Capital, good, service

• Product, scarcity, labor

• Good, service, resources

• Land, labor, capital

Economics is not a science

• True

• False