Wants and Needs and Resources, Oh My! Economics Test 1

Wants and Needs and Resources, Oh My! Economics Test 1

10th - 12th Grade

27 Qs

quiz-placeholder

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Wants and Needs and Resources, Oh My! Economics Test 1

Wants and Needs and Resources, Oh My! Economics Test 1

Assessment

Quiz

Business

10th - 12th Grade

Practice Problem

Medium

Created by

Thomas Jemes

Used 83+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The raw materials found in nature are called?

scarce resources

limited resources

natural resources

capital resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People are an example of what type of resources?

natural resources

capital resources

factors of production

human resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how a society chooses to use resources to produce and distribute goods and services for people's consumption is called?

economics

production

consumption

entrepreneurial resouces

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of making or providing goods/services using resources is called?

consumption

distribution

economizing

production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

demand, supply, scarcity, and price

natural, labor, capital, and entrepreneurial resources

renewable and nonrenewable resources

market, command, and mixed economies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Buildings, materials, and equipment used to produce goods and services are called?

captial resources

labor resources

entrepreneurial resources

natural resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

society's shortage of resources

production of goods and services

raw materials found in nature

swapping of one thing for another

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