Econ 1.1 Quiz

An action or activity done for others for a fee

• Service
• Entrepreneur
• Human resource
• Resource
• Technology

Any human effort exerted in the production process

• human resource
• entrepreneur
• resource
• service
• technology

Anything that people use to make what they need or want

• resource
• entrepreneur
• human resource
• service
• technology

The use of technical knowledge to create new products or make existing products more efficiently

• technology
• entrepreneur
• human resource
• resource
• service

A person who attempts to start a new business or introduce a new product

• entrepreneur
• human resource
• resource
• service
• technology

The study of the choices people make to satisfy their needs and wants is called

• a. technology.
• b. economics.
• c. microeconomics.
• d. macroeconomics.

The people who decide to buy things are called

• a. producers.
• b. economists.
• c. consumers.
• d. entrepreneurs.

The factors of production are

• capital resources, entrepreneurship, goods, and services.
• b. natural resources, human resources, services, and entrepreneurship.
• c. goods, services, human resources, and capital resources.
• d. natural resources, human resources, capital resources, and entrepreneurship

The buildings, structures, machinery, and tools used in the production process are called

• a. consumer goods.
• b. capital goods.
• c. natural resources.
• d. human resources.

Which of the following is the goal of entrepreneurship?

• a. To develop a new combination of the other factors of production, thereby creating something of value.
• b. To examine aspects of behavior of entire economies, such as unemployment in the United States.
• c. To make goods and provide services using manufactured materials.
• d. To enhance existing products and improve methods for making products