Review 1

Which of the following is correct?

• A need is necessary for survival
• Examples of capital resources are water, iron, air, or gold
• Human resources are also called people
• Services are things you can buy, like ice cream or textbooks

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity
• Wants
• Scarcity
• Factors of Production

Which is an example of a service?

• Smart Board
• Hair stylist
• Piece of paper
• Homeless man

Businesses and governments don't deal with scarcity

• True
• False

What is another name for human resources?

• Labor
• People
• Homies
• Workers

Things that you can see and touch are

• Wants
• Services
• Goods
• Needs

The process of choosing which wants, among several wants being considered, will be satisfied

• Defining the problem
• Basic economic problem
• Factors of production
• Economic decision making

Wants are limited

• True
• False

The three economic resources are often shortened to

• Earth, humans, and buildings
• Land, labor, and capital
• Earth, people, and capital
• Land, humans, and capital

Economic resources can also be referred to as

• Factors of production
• Goods and services
• Wants and needs
• Scarci