Economic Fundamentals Quiz

Which of the following is NOT a scarce good?

• Water

• Air

• Clothing

• Electricity

Which of the following is NOT one of the 3 Economic questions?

• What to produce

• Whom to produce for

• How to produce

• When to produce

A __________________ takes risk by responding to consumer sovereignty and combining resources

• Command Economy

• Market Economy

• Entrepreneur

• "Productive" Employee

By designating positions on a football team (QB, RB, O-Line, etc.) a coach is taking advantage of...

• Entrepreneurship

• Incentive

• Divisions of Labor

• Productivity

Investment in ___________________ leads to long term growth.

• Consumer Goods

• Human Capital

• Capital Goods

• Human Capital and Capital Goods

The average yearly income of citizens in a country

• Communism

• Per Capita Income

• Taxes

• Economics

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Something essential for survival

• Want

• Need

• Good

• Service

Physical objects that someone produces

• Want

• Need

• Good

• Service

An action or activity that one person performs for another

• Want

• Need

• Good

• Service