Unit 1: Economic Decisions & Systems Review for Test

What determines whether something you want is really necessary or not?

• the country you live in

• the economic status of your family

• the lifestyle of your family

• all of these

Needs and wants are______________ in terms of economics.

• scarce

• unlimited

• limited

• none of these

Items that you can see and touch are called __________, and ____________are activities that are consumed at the same time they are produced.

• intangible, tangible

• services, goods

• goods, services

• none of these

Some believe that the high level of US Consumer demand comes from:

• quantity of goods and services available

• amount of money business spends on advertising

• quantity of goods and services and amount of money spent on advertising

• none of these

Products and goods are the same thing in econoomics.

• True

• False

What are types of natural resources in economics?

• capital resources

• natural resources

• human resources

• all of these

Minerals, plants, fish and animals comprise what type of economic resource?

• natural

• human

• capital

• all of these

Truck drivers, farmers, salespeople and retail workers comprise which economic resource?

• natural

• human

• captial

• all of these

Money and products used in producing goods and services is which type of economic resource?

• natural

• human

• capital

• none of these

Resources are unlimited.

• TRUE

• FALSE