Chapter 3 and 4 Quiz (Economics)

An individual or business that makes, grows or supplies goods and services to sell. This is an example of what?

• Seller

• Producer

• Consumer

• Need

An example of a producer is:

• Wheat

• I phone

• Cat

• Wheat farmer

A consumer is

• A person or group that is the final user of goods and services

• Human-made resources

• Physical labour

• A person or group who makes resources

An example of a want is:

• Water

• Dog

• Shelter

• Food

The human resources used when supplying physical or mental work

• Labour

• Supply

• Demand

• Capital

Capital is:

• A business that makes a product

• Resources that are given to us

• Human-made resources such as tools and materials

• Natural resources found in the land

The 4 characteristics of an entrepreneur are:

• Initiative, Innovation, Motivating others, risky behaviours

• Initiative, Innovation, Self-Motivation, Willing to take appropriate risks

• Innitiative, Inovation, Self-Motivation, Willing to take appropriate risks

• Initiative, Innovation, Enterprise, Self-Motivation

Supply and demand is:

• Making demands for land and labour by an entrepreneur.

• When houses are expensive less people want to buy them.

• Supplying coffee to South America.

• How much of a good or service there is in relation to the consumers/buyers wanting it.

An example of a good is:

• Coca-cola can

• Cleaning service

• Haircut

• Lawnmowing business

Which of the following is NOT a reason why people work?

• To earn an income

• Higher material standard of living

• Contribute to self-esteem and happiness

• To stay home