Economic Resources Quiz

A term to describe the people and their labor, which is used to provide goods and services.

• Needs

• Economic Resources

• Capital Resources

• Human Resources

A term to describe the products and money used in the production of goods and services. It may include machines, buildings, machines, money, and anything used to make products.

• Needs

• Economic Resources

• Capital Resources

• Goods

A term to describe items that you can see and touch. They are physical products that you can purchase. They can be durable (long lasting) such as cars and computers, or non-durable, such as bananas and toilet paper.

• Needs

• Economic Resources

• Capital Resources

• Goods

A term to describe products that add comfort and pleasure to your life, but are not necessary.

• Scarcity

• Economic Decision-Making

• Wants

• Goods

What is another name for the means through which goods and services are produced?

• Needs

• Economic Resources

• Capital Resources

• Goods

A term to describe the value of the alternative you did not choose. It is your second best choice when you make a decision.

• Tradeoff

• Opportunity Cost

• Natural Resources

• Services

Which of the following is an example of a service?

• A car

• A haircut

• A book

• A computer

Which of the following best describes a tradeoff?

• The value of the next best alternative

• The process of choosing which wants to satisfy

• Giving up one thing to get something else

• The limited nature of resources

What is the term for the process of choosing which wants to satisfy?

• Tradeoff

• Decision Making

• Natural Resources

• Services

Which of the following is NOT a characteristic of a command economy?

• Government ownership of resources

• Private ownership of businesses

• Government sets prices

• Government decides what will be produced