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___ comes in from China and arrived at the port for distribution to Walmart stores across the country.

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

The hotel attracted wealthy customers because of the high-quality ______ 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.