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Economics chapter 1

Authored by Katrina Schaefer

Business

9th - 12th Grade

Used 4+ times

Economics chapter 1
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29 questions

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1.

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45 sec • 1 pt

This is the condition that results from society not having enough resources to produce all the things it needs.

2.

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45 sec • 1 pt

This is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of resources.

3.

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45 sec • 1 pt

This is a basic requirement for survival and includes food, clothing, and shelter.

4.

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45 sec • 1 pt

This is a way of expressing a need.

5.

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45 sec • 1 pt

These are resources required to produce the things we want or need.

6.

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45 sec • 1 pt

This refers to natural resources like sunshine, pastures, forest, and mineral banks.

7.

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45 sec • 1 pt

This is the tools, equipment, machinery, and factories used to produce the goods and services that people need or want.

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