7 Economics - Consumers & Businesses

A good is...

• A factor in the economy that improves happiness

• Physical items that satisfy needs and wants

• Actions done for a person by others to satisfy the person's needs and wants

• None of the above

A need is...

• A non-essential good or service

• A resource needed for survival

• A household good

• All of the above

Services are...

• Physical items that satisfy a consumer's needs and wants

• Actions done for a consumer by others to satisfy the consumer's needs and wants

• Something essential to survival

• none of the above

The economic problem is one of:

• Limited wants and needs

• Unlimited wants and unlimited needs

• Unlimited wants and limited resources

• Limited wants and unlimited needs

A Consumer

• Sells Goods and Services

• Purchases Goods and Services

• Eats things

• Uses things

A Producer

• Sells things

• Builds things

• Has skills that you don't

• Makes goods or provides services

The resources or factors of production are:

• land, labour, capital and enterprise

• goods, services, needs and wants

• government, firms, households

• consumers & producers

Which of the following is a capital resource for a carpenter?

• hammer

• wood

• the builder in charge

• their skill and effort

Which of the following is a land resource for a carpenter?

• hammer

• wood

• the builder in charge

• their skill and effort

Which of the following is an enterprise resource for a carpenter?

• hammer

• wood

• the builder in charge

• their skill and effort