Intro to Economics-Unit Quiz

What are goods?

• Items that are given away for free.
• Services that cannot be touched or held.
• Tangible products that can be bought or sold.

What are services?

• Services are physical goods sold to consumers.
• Services are intangible activities or benefits provided to consumers.
• Services are only provided by government organizations.
• Services are always free of charge.

What is the definition of an industry?

• A single business that operates in various sectors.
• A collection of unrelated companies.
• A group of businesses or organizations that produce or provide similar goods or services.
• A government regulation on trade practices.

What is the definition of capital?

• Capital is a type of loan provided by banks.
• Capital is financial assets or resources used to generate wealth.
• Capital refers to the physical buildings of a company.
• Capital is the total number of employees in a business.

What is an Entrepreneur?

• A person who only invests in stocks
• Someone who works for a large corporation
• A consultant who gives business advice
• An entrepreneur is a person who starts and runs a business, taking on financial risks in the hope of profit.

What is an economy?

• An economy is a system for managing resources and goods in a society.
• A way to measure time in a calendar.
• A type of government structure.
• A method for cooking food in a kitchen.

Large shipment Of (a)   comes in from China and arrived at the port for distribution to Walmart stores across the country.

The television (a)   includes actors, cameramen, writers, agents, directors, advertisers, make-up artists etc.

The hotel attracted wealthy customers because of the high-quality (a)   offered at its luxury spa.

What is a free market economy?

• A free market economy is controlled entirely by the government.
• An economic system in which prices and wages are determined by competition between businesses.