Chapter 1 -2 Economic Decisions and Systems Review Part 1

An enterprise that provides goods and services for payment is a

• Social Service Organization

• Personal Investment

• Business

• Government Agency

What are examples of natural resources?

• A plumber and their truck

• Equipment and tools

• Buildings and workers

• Water and natural gas

Which of the following is not one of the 3 questions that societies must answer to solve the economic problem?

• For whom should it be produced?

• When should it be produced?

• How should it be produced?

• What must be produced?

Goods and services get produced by

• consumers through the 2 factors of production

• businesses through labor

• consumers through labor

• businesses through natural, human and capital resources

Which of the following are needs

• Shirt

• Beach vacation property

• Water

• Banana

Which of the following are wants

• Bugatti

• Red Bull Energy Drink

• Nike Air Jordans

• Vacation to the beach

Which is an example of a service?

• Mechanic sealing a tire leak

• A computer playing a game

• A car race

• The plumber repairing a leaky faucet

Which of the following are the 3 resources or factors of production?

• Natural, human and services

• capital, natural and human

• Goods, services and resources

• Factories, services and production

What is the first step of the EDM process?

(a)  

What is scarcity?

• Meeting unlimited wants with limited resources

• Using the most efficient production utility

• Sufficient capital resources to produce goods and services

• Conserving limited natural resources