Business Organization - Chapter 2.1 Quiz

A lack of the resources needed to go into producing goods and services is called _____.

• abundance

• deficiency

• insufficiency

• scarcity

The economic resources needed to make a society’s goods and services are called factors of _____ .

• economy

• production

• scarcity

• society

Raw materials from nature are called _____ resources.

• environmental

• natural

• physical

• renewable

People who are paid to make goods and services are called _______ resources.

• capital

• human

• labor

• natural

Money used to produce goods and services is a(n) _______ .

• asset resource

• capital asset

• capital resource

• physical asset

Individuals who start and direct businesses to produce goods and services are called ________ resources.

• entrepreneurial

• global

• labor

• virtual

When dealing with scarcity, it is important to identify the best way to use the item that is ________.

• in demand

• in short supply

• most expensive

• readily available

Factors of production can all be categorized into _________ groups.

• one

• two

• three

• four

The amount of natural resources available to a society has a(n) ________ effect on its economy.

• adverse

• circuitous

• direct

• oblique

Natural resources are often ________ in various ways to create goods.

• altered

• extracted

• processed

• transported