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

The raw materials found in nature are called?

• scarce resources

• limited resources

• natural resources

• capital resources

People are an example of what type of resources?

• natural resources

• capital resources

• factors of production

• human resources

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

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

• consumption

• distribution

• economizing

• production

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

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

• captial resources

• labor resources

• entrepreneurial resources

• natural resources

What is scarcity?

• society's shortage of resources

• production of goods and services

• raw materials found in nature

• swapping of one thing for another

_____________________________are individuals who start and direct businesses to produce goods and services to satisfy the needs and wants of people.

• Natural resources

• Human (labor) resources

• Entrepreneurial resources

• Stock brokers

When quantity demanded and quantity supplied meet, this determines the?

• market economy

• amount of scarcity

• equilibrium price

• factors of production

Communism is an example of a __________________economy.

• mixed

• market

• command

• entrepreneurial