Chapter 1 Assessment

(a)   is an economic want.

• Food
• Shelter
• Smartphone
• Clothing

People who purchase goods and services are called (a)  

• Customers
• Economists
• Employees
• Business people

An organized way in which a state or nation distributes its resources and provides goods and services to the community is called: (a)  

• Standard of living
• Investment
• Economics
• Economic system

Labor is:

• Raw materials found in nature

• Equipment a business uses

• Any service a person does for a company

• Something we desire but could ultimately live without

Which is an example of an operational business activity?

• Repaying debt

• Purchasing stock

• Administrative duties

• Providing loans to customers

What is a 'Product'?

• A service that cannot be bought or sold

• Anything that can be bought or sold to meet a customer’s want or need

• A type of market

• A financial asset

How is 'Net worth' defined?

• The total revenue of a business

• The value of a business determined by assets minus liabilities

• The total assets of a business

• The total liabilities of a business

What are 'Markets'?

• Places where products (goods and services) are bought and sold

• A type of economic activity

• A financial institution

• A government policy

What does 'Economics' study?

• The production of goods

• The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

• The distribution of wealth

• The consumption of services

What is 'Economic activity'?

• The production, distribution, and consumption of goods and services

• The saving of money

• The investment in stocks

• The regulation of markets