Spice Company Economics

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

These productive resources are raw materials that come from nature or the earth that people use to make goods.

• Natural Resources

• Human Resources

• Capital Resources

These productive resources are goods made to produce for goods and provide more services.

• Natural Resources

• Human Resources

• Capital Resources

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy or Communism

• Market Economy or Capitalism

• Traditional Economy or Socialism

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy or Communism

• Market Economy or Capitalism

• Socialism

The people who grow or create goods are called...

• producers
• consumers
• banker
• traders

Tags

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RL.6.1

CCSS.RL.7.1

CCSS.RL.7.2

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5