Unit 1 Test

Which term means the basic requirement for survival; includes food, clothing, shelter?

• Economics

• Need

• Want

• Capital

Which term refers to the work or labor performed for someone; the economic product that includes haircuts, home repairs, forms of entertainment, etc?

• Need

• Want

• Consumer good

• Service

Which term means the social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources?

• Economics

• Good

• Service

• Production possibilities

Which term refers to the social movement aimed at promoting the interests of consumers?

• Consumer good

• Consumerism

• Capital good

• Capitalism

Which term refers to the cost of the next best alternative use of money, time or resources when one choice is made rather than another?

• Scarcity

• Opportunity cost

• Paradox of value

• Utility

Which term refers to the condition that results from society not having enough resources to produce all the things people would like to have?

• Utility

• Opportunity cost

• Scarcity

• Consumerism

Which term refers to the condition that arises because some non essentials have a high value while some essentials have a low value?

• Paradox of value

• Opportunity cost

• Production possibilities

• Utility value

Which term refers to a good intended for final use by the consumer, rather than the businesses?

• Capital good

• Durable good

• Consumer good

• Wealthy good

Which term refers to the tools, equipment, or other manufactured good used to produce other goods and services?

• Capital good

• Consumer good

• Practical good

• Durable good

Which term refers to the risk taking individual in search of profits; one of the four factors of production?

• Land

• labor

• capital

• entrepreneurs