Quiz 3 /Unit 1 BE. Review, Adam Smith 08-30-2024

Why do we need to make decisions regarding how we use and allocate our resources?

• Because resources are unlimited.

• Because resources are free.

• Because resources are limited.

• Because resources are always available.

What are goods?

• Intangible items such as a haircut.

• Tangible items such as Pop Tarts and automobiles.

• Services such as mowing a lawn.

• Intangible items such as a dentist visit.

What are services?

• Tangible items such as Pop Tarts.

• Tangible items such as automobiles.

• Intangible items such as a haircut and mowing a lawn.

• Tangible items such as I Phones.

What is an example of a shortage?

• Unlimited supply of oranges.

• Frost in Florida destroying the orange crop.

• Unlimited supply of I Phones.

• Unlimited supply of Pop Tarts.

What are examples of natural resources?

• Pop Tarts and automobiles.

• Haircuts and dentist visits.

• Lumber and oil.

• I Phones and mowing a lawn.

What are renewable resources?

• Resources that cannot be replaced.

• Resources that can be replenished.

• Resources that are intangible.

• Resources that are unlimited.

What are nonrenewable resources?

• Resources that can be replenished.

• Resources that are unlimited.

• Resources that cannot be replaced.

• Resources that are intangible.

What does Entrepreneurship involve in the production process?

• The number of workers

• The tools utilized to create a good

• The putting together of land, labor, and capital

• The customs and traditions of a society

What should societies consider when deciding how goods and services should be produced?

• The number of workers

• The customs and traditions

• The factors of production

• The type of government

What is the main focus of a Traditional Economy?

• Government control

• Market forces

• Customs and traditions

• Technological advancement