Economics Quiz

What is defined as something people want but is not necessary for survival?

• Needs

• Goods

• Wants

• Services

What term describes something necessary for survival?

• Wants

• Needs

• Goods

• Services

What are the physical objects that someone produces called?

• Services

• Needs

• Goods

• Wants

What term is used for actions or activities that one person performs for another?

• Goods

• Services

• Needs

• Wants

What is the term for limited amounts of goods and services to meet unlimited wants?

• Shortage

• Scarcity

• Needs

• Goods

What describes a situation where consumers want more of a good or service than producers are willing to make at a particular price?

• Scarcity

• Needs

• Shortage

• Goods

What are the three resources that are used to make goods and services called?

• Factors of Production

• Goods

• Services

• Needs

What term is used for all natural resources used to produce goods and services?

• Labor

• Capital

• Land

• Goods

What is the effort people devote to tasks for which they are paid called?

• Land

• Labor

• Capital

• Goods

What is any human-made resource that is used to create other goods and services called?

• Labor

• Land

• Capital

• Goods