RS Economics Quiz #1

Factories, tools, and equipment are used in the producing of goods and services, which are called...

• Capital Goods

• Financial Capital

• Hard Resources

What is the difference between a good and service?

• Monetary value (costs vary)

• A good is touchable

• There is no difference

Haircuts, repairs to home appliances and entertainment are examples of...

• Capital Goods

• Consumer Goods

• Services

A bulldozer or a cash register would be an example of:

• Capital Good

• Consumer Good

• Financial Capital

Match the following

• Goods intended for final use by people

• Durable Goods

• Limited resources

• Scarcity

• Hands off, no government interfering

• Laissez-Faire

• any good that lasts more than 3 years

• Consumer Good

Match the following

• Goods and services that are useful

• Entrepreneur

• A risk taker, runs their own business

• Want

• Basic requirement for survival

• Need

Match the following

• Entrepreneurship

• 
• Land

• 
• Capital goods

• 
• Labor

• 

What are the 3 basic economic questions? (check all that apply)

• What to produce?

• When to produce?

• How to produce?

• For whom to produce?