Economics Quiz

What is the study of how people use resources to produce, distribute, and consume goods and services called?

• Economic System

• Consumption

• Economics

• Production

Which term describes an organized way a society uses to produce, distribute, and consume goods and services?

• Distribution

• Economic System

• Capital

• Command

What is the process of using natural resources or goods and services known as?

• Production

• Distribution

• Consumption

• Human (labor)

What term is used for the process of making goods and services?

• Production

• Capital

• Natural (Land)

• Command

What does the term 'Distribution' refer to in economics?

• The study of how people use resources

• The process of making goods and services

• Moving goods and services directly to or near consumers

• Training, skills, and knowledge used to produce goods or services

What are the resources used to produce goods and services called?

• Capital

• Factors of Production

• Human (labor)

• Natural (Land)

Which term refers to any physical environmental item that people perceive to be useful?

• Human (labor)

• Capital

• Natural (Land)

• Command

What does 'Human (labor)' refer to in economics?

• The process of making goods and services

• Training, skills, and knowledge used to produce goods or services

• Any physical environmental item that people perceive to be useful

• An economic system in which the government answers the main economic questions

What is 'Capital' in economic terms?

• The process of using natural resources

• Equipment or goods used to produce other goods and services

• Moving goods and services directly to or near consumers

• An economic system in which the government answers the main economic questions

What is a 'Command' economic system?

• An economic system where the government answers the three main economic questions

• The process of making goods and services

• Training, skills, and knowledge used to produce goods or services

• Any physical environmental item that people perceive to be useful