Intro to Economic Terms Test

What are the Four Factors of Production? Select all that apply:

• Land

• Entrepreneurship

• Capital

• Labor

• Production

What is a Good?

• An item that cannot be seen, touched, or consumed

• An item that can be seen, touched, or consumed

• An action that is performed for a consumer

• An item that can be seen and touched, but not consumed

What is a Service?

• An item that can be seen, touched, or consumed

• An action that is done to satisfy a producer

• An item that cannot be seen, touched, or consumed

• An action that is done to satisfy a consumer

Which of these are examples of Durable Goods? Select all that apply:

• Pizza

• Car

• Bottled Water

• House

• T-Shirt

Which of these are examples of Non-Durable Goods? Select all that apply:

• Toilet Paper

• Silverware

• Carrots

• Cat Litter

• Skyscraper

What are examples of Natural Resources? Select all that apply:

• Gold

• Computer

• Water

• Concrete

• Plastic

Which of these are examples of Human Resources? Select all that apply:

• Art

• Labor

• Teaching

• Dirt

• Television

Which of these are examples Capital Resources? Select all that apply:

• Labor

• Diamonds

• Computer

• Dollars

• Medicine

What causes Scarcity?

• Unlimited resources but limited wants and needs

• Limited resources but unlimited wants and needs

• Limited resources and limited wants and needs

• Unlimited resources and unlimited wants and needs

What is Supply?

• The total amount of goods and services a producer is able to buy

• The total amount of goods and services a producer is able to sell

• The total amount of goods and services a consumer is able to buy

• None of the Above