econ unit 1 quiz

a shortage or lack of supply

• demand

• scarcity

• consume

• supply

What is Economics?

• a system of destroying, storing, and consuming goods and services

• a system of not producing needed goods and services

• a system of producing, distributing, and consuming goods and services

• a system of growing plants and trees to better the environment

to buy a product or service

• demand

• produce

• consume

• supply

selling and shipping a product is: ____________________

• Produce

• Distribute

• Demand

• Supply

the desire for a product or service

• Demand

• Supply

• Consume

• Produce

Laissez-faire practices are most closely associated with a

• command economy
• traditional economy
• mixed economy
• market economy

Which speaker is referring to laissez-faire capitalism?

• Speaker A
• Speaker B
• Speaker C
• Speaker D

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

WHAT IS LABOR?

• work people do for pay to produce good and services

• actions people do for other people

• any physical object

• The money people get for inheritance

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurs

• Capital

• Labor

• Land