Unit 1 Economics Test

What is a desire that can be satisfied by consuming a good or service

• Want

• Need

• Scarcity

• Producer

What are things such as food, clothing, and shelter that are necessary for survival

• Want

• Need

• Desire

• Consumer

True or False: Wants are unlimited but the resources available to satisfy them are limited

• True

• False

What is the study of how people choose to use scare resources to satisfy their wants

• Economics

• Scarcity

• Wants

• Needs

What situation exist when there are not enough resources to meet human wants

• Needs

• Wants

• Scarcity

• Economics

Which of these is NOT a fundamental question of economics

• For whom

• What to produce

• How to produce

• When to produce

What is a physical object that can be purchased such as food

• Good

• Service

• Consumer

• Producer

Which of these is NOT one of the Four Factors of Production?

• Land

• Capital

• Labor

• Industry

Which of these is a benefit or satisfaction gained from the use of a good or service

• Incentive

• Benefits

• Economize

• Utility

Which word in common language means to "cut cost" or "do something cheaply"

• Profit

• Utility

• Economize

• Benefits