Basic Economic Concepts Quiz

What are goods?

• Things that are produced, such as food, clothing, and cars.

• A plan for spending expected money.

• Activities we pay others to perform for us.

• The money paid to the government.

What does 'services' refer to?

• The money collected by the government.

• A plan for spending money.

• Things we pay others to do for us.

• Items that are produced and used.

What is scarcity?

• A plan for managing finances.

• The idea that the things and resources people want and need are limited.

• A government function.

• A type of market.

What is a market?

• A place where goods are stored.

• A type of tax.

• A plan for financial management.

• Any place where economic activity occurs.

What are factors of production?

• A type of economic scarcity.

• The resources, including land, capital, and workers, used to create a good or service.

• The money paid to the government.

• A plan for spending money.

House: Goods or Service?

• Goods
• Service

What is an example of a service?

• A book

• A movie ticket

• A haircut

• A smartphone

What is an example of a service?

• Chocolate bar

• Bicycle

• Gardening

• Book

Scarcity affects what a consumer buys and what a producer makes.

• True

• False

The four factors of production are---

• land, labor, capital, entrepreneurship

• land, laws, customs, electricity

• land, expenses, profit, entrepreneurship

• limited, liability, corporation, enterprise