Economics Quiz #1

The inability to satisfy all wants at the same time because resources are limited is known as what?

• Scarcity

• Choice

• Price

• Production

What is given up when a choice is made is called what?

• Resources

• Opportunity Cost

• Incentives

• Consumption

Factors of production that are used in the production of goods and service are called what?

• Scarcity

• Choice

• Consumption

• Resources

The combining of resources to make a product is called what?

• Choice

• Production

• Consumption

• Incentives

The selection of an item from a set of possible alternatives is known as...

• Choice

• Opportunity Cost

• Price

• Production

_______ is the using of goods and services.

• Consumption

• Incentives

• Choice

• Resources

Identify the four type of resources that go into making goods and services.

• Natural

• Governmental

• Human

• Capital

• Entrepreneurship

What type of resource is shown in this image?

• Natural

• Human

• Capital

• Fashionable

If you are making a chair, which of the following is an example of a natural resource?

• The drill you use to screw the screws into the chair

• The wood you use to make the chair

• The hours of work you put into assembling the chair

• The money you make when you sell the chair

The interaction of ______ and ______ determines price.

• Supply and Demand

• Production and Consumption

• Price and Incentives

• Peanut butter and Jelly