EDM Key Concepts
Quiz
•
Social Studies
•
10th Grade
•
Practice Problem
•
Medium
C Shabatoski
Used 1+ times
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11 questions
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1.
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1 min • 1 pt
Refers to all the goods and services (including knowledge) that are produced and distributed within society (the value of a good is worth whatever someone is willing to pay)
2.
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1 min • 1 pt
Those things which are used to produce goods and services (wealth) individuals within a society need or want.
3.
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1 min • 1 pt
Is the relationship that occurs when needs and wants exceed the limited resources available to meet those wants; when you are short or run out of goods and/or services.
4.
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1 min • 1 pt
The value of a good or service that we want to consume and/or purchase; how much are you willing to pay for something that you want or need?
5.
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1 min • 1 pt
A measure of the quantity and quality of goods and services available to people to create a lifestyle; what is living going to cost you?
6.
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1 min • 1 pt
These are required for industrial production: land, labour (workers), and capital ($) which are used to produce goods and services.
7.
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1 min • 1 pt
Consists of a nation's roads, housing, hospitals, schools, etcetera which make possible reasonable living conditions and create a healthy, educated, and trained labour force.
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