Chapter 1 Section 1 Quiz

Definition: desires that can be satisfied by consuming a good or service

Choose the correct term.

• need

• want

• labor

• scarcity

Definition: things that are necessary for survival

Choose the correct term.

• want

• need

• factors of production

• goods

Definition: exists when there are not enough resources to satisfy human wants

Choose the correct term.

• needs

• factors of production

• scarcity

• economics

Definition: how individuals and societies satisfy their unlimited wants with limited resources

Choose the correct term.

• economics

• factors of production

• labor

• capital

Definition: objects such as food, clothing, and furniture that can be bought

Choose the correct term.

• goods

• services

• capital

• entrepreneurship

Definition: work that one person does for another

• good

• service

• consumer

• producer

Definition: a person who buys or uses goods and services

• consumer

• producer

• entrepreneur

• economics

Definition: a maker of goods or provider of services

• producer

• consumer

• scarcity

• labor

Definition: the resources needed to produce goods and services

• factors of production

• capital

• land

• producers

Definition: all natural resources used to produce goods and services

• land

• labor

• factors of production

• goods