Basic Economic Concepts Quiz

What are Human Resources?

• Materials that come directly from nature

• People working to produce goods and services

• The next best choice that is given up

• People who use resources to make goods

What are Natural Resources?

• People working to produce goods and services

• The next best choice that is given up

• Materials that come directly from nature

• People who use resources to make goods

What is Opportunity Cost?

• People working to produce goods and services

• Materials that come directly from nature

• The next best choice that is given up

• People who use resources to make goods

Who are Producers?

• People working to produce goods and services

• Materials that come directly from nature

• The next best choice that is given up

• People who use resources to make goods

What does "Scarcity" mean?

• Having more than enough resources

• Not being able to meet all wants at the same time

• Exchanging goods and services

• Focusing on the production of selected goods

What are "Services"?

• Goods you can touch

• Activities that satisfy people’s wants

• The action of exchanging goods

• Focusing on one type of product

What is "Specialization"?

• Exchanging goods and services

• Not being able to meet all wants

• Focusing on the production of selected goods and services

• Goods and services you need or desire

What does "Trade" involve?

• Producing goods

• Exchanging goods and services

• Satisfying personal wants

• Focusing on one type of service

What are "Wants"?

• Goods and services you need or desire

• Activities that satisfy people’s wants

• The action of exchanging goods

• Focusing on selected goods

Which of the following is a natural resource of Ancient Greece?

• Ship Builders

• Fishermen

• Mediterranean Sea

• Crafts Makers