Three Weeks Test

What is the definition of a Need according to PowerPoint 1-1?

• Things wanted for day to day life
• Desires that can be met by consuming products
• Things necessary for survival
• All things bought by an individual

What is the definition of a consumer according to PowerPoint 1-1?

• physical objects that can be bought
• work one person does for another for pay
• person who buys good or service for personal use
• person who makes a good or provides a service

Which of the following are factors of production? (Must get all of them to get points)

• Land
• Capital
• Entrepreneurship
• Labor
• Resources

Land is associated with which form of payment?

• Rent
• Profit
• Wages
• Interest

Labor is associated with which form of payment?

• Rent
• Profit
• Wages
• Interest

Capital is associated with which form of payment?

• Rent
• Profit
• Wages
• Interest

Entrepreneurship is associated with which form of payment?

• Rent
• Profit
• Wages
• Interest

What are the three types of production? (Must select all that apply to earn points)

• Primary
• Secondary
• Tertiary
• National
• Local

Resources needed to produce goods and services is the definition for which of the following terms according to PowerPoint 1-3?

• Scarcity
• Economics
• Factors of Production
• Resources

What are the two forms of capital? (Must select all that apply to earn points)

• Human
• Labor
• Mental
• Physical