Fall Exam Review

Which of the following is correct?

• A need is necessary for survival
• Examples of capital resources are water, iron, air, or gold
• Human resources are also called people
• Services are things you can buy, like ice cream or textbooks

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity
• Wants
• Scarcity
• Factors of Production

Which is an example of a service?

• Smart Board
• Hair stylist
• Piece of paper
• Homeless man

Businesses and governments don't deal with scarcity

• True
• False

Which is are types of economic resource?

• Wants & Needs
• Goods & Services
• Scarcity & Surplus
• Land, Labor, & Capital

Things that you can see and touch are

• Wants
• Services
• Goods
• Needs

When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.

• True
• False

Wants are limited

• True
• False

Which is a step in the decision making process?

• Choose
• Ask for another opinion
• Look at your resources
• Wait

The three economic resources are often shortened to

• Earth, humans, and buildings
• Land, labor, and capital
• Earth, people, and capital
• Land, humans, and capital