Business Economics Chapter 1 Review

Business Economics Chapter 1 Review

10th - 12th Grade

16 Qs

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Assessment

Quiz

Business

10th - 12th Grade

Hard

Created by

James Candela

Used 33+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

_ is the study of how individuals and societies satisfy their unlimited wants with limited resources

Opportunity Cost

Cost-Benefit Analysis

Economics

Scarcity

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

_ is the situation that exists because wants are unlimited and resources are limited.

Scarcity

Economics

PPC

Water-Diamond Paradox

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A _ is a physical object that can be purchased, such as food, clothing, and furniture. A _ is work that one person performs for another for payment.

Service; Good

Good; Service

Consumer; Producer

Producer; Consumer

Cost; Benefit

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is NOT a question that results from scarcity?

What will be produced?

Where will it be produced?

How will it be produced?

For whom will it be produced?

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A person who buys goods or services for personal use is called a _. Someone who makes goods or provides services is called a _.

Service; Good

Good; Service

Consumer; Producer

Producer; Consumer

Cost; Benefit

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which factor of production is this? All the human time, effort, and talent that go into the making of products.

Land

Labor

Capital

Entrepreneurship

Quality

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Select ALL of the factors of production:

Land

Quality

Labor

Revenue

Capital

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