Principles of Business Chapter 2

Principles of Business Chapter 2

9th - 12th Grade

37 Qs

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Principles of Business Chapter 2

Principles of Business Chapter 2

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Benjamin Davis

Used 16+ times

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37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources are the things necessary for making only what people need.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every type of business needs labor resources to produce goods and provide services.

True

False

Answer explanation

Can't have production without people to do the producing.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurial resources are different from labor resources.

True

False

Answer explanation

Entrepreneurial resources are used by the people who that the risk to start a business. Labor resources are the people who work the the entrepreneur.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every society has enough productive resources to produce everything people want and need.

True

False

Answer explanation

Scarcity, Scarcity, Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Two basic types of economic systems are a market economy and a demand economy.

True

False

Answer explanation

Market, Mixed, and Command

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage of resources is called

reduction

threat

scarcity

limitation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity occurs when

demand exceeds supply.

distribution breaks down.

conservation is at an all-time high.

consumers’ needs exceed wants.

Answer explanation

It's all about supply and demand.

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