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WorksheetsWants and Needs and Resources, Oh My! Economics Test 1
Total questions: 27
Worksheet time: 14mins
The raw materials found in nature are called?
scarce resources
limited resources
natural resources
capital resources
People are an example of what type of resources?
natural resources
capital resources
factors of production
human resources
The study of how a society chooses to use resources to produce and distribute goods and services for people's consumption is called?
economics
production
consumption
entrepreneurial resouces
The process of making or providing goods/services using resources is called?
consumption
distribution
economizing
production
What are the factors of production?
demand, supply, scarcity, and price
natural, labor, capital, and entrepreneurial resources
renewable and nonrenewable resources
market, command, and mixed economies
Buildings, materials, and equipment used to produce goods and services are called?
captial resources
labor resources
entrepreneurial resources
natural resources
What is scarcity?
society's shortage of resources
production of goods and services
raw materials found in nature
swapping of one thing for another
_____________________________are individuals who start and direct businesses to produce goods and services to satisfy the needs and wants of people.
Natural resources
Human (labor) resources
Entrepreneurial resources
Stock brokers
When quantity demanded and quantity supplied meet, this determines the?
market economy
amount of scarcity
equilibrium price
factors of production
Communism is an example of a __________________economy.
mixed
market
command
entrepreneurial
An economic system defined by government taking care of people's needs and the marketplace taking care of the people's want is a?
mixed economy
market economy
command economy
communist economy
The amount of goods and services that producers will provide at various prices is called the?
Law of Demand
Law of Supply
Law of Equilibrium Price
Law of Economics
What is a shortage and what happens to price during a shortage?
Quantity people are willing to buy is less than sellers have to sell; price goes up
Quantity people are willing to buy is less than sellers have to sell; price goes down
Quantity people are willing to buy is more than suppliers wish to sell; price goes down
Quantity people are willing to buy is more than suppliers wish to sell; price goes up
Examples of natural resources are?
doctors, police officers
crops, oil
buildings, equipment
individual resources, financial resources
Deciding to use a resource for one purpose which gives up the opportunity to use the resource for another purpose is called?
scarcity
production cost
opportunity cost
equilibrium price
Which of the following examples is not considered a need?
bike
food
water
clothing
Any activity that seeks profit by providing goods or services to others is called?
services
resources
goods
business
___________________are anything people can use to make or obtain what they want or need.
Wants
Businesses
Resources
Competitors
The contest between businesses to win consumers is called?
resources
competition
wants
market research
A person who selects, purchases, uses, or disposes of goods and services is a?
entrepreneurer
competitor
consumer
wage earner
The amount of money left over after a business has paid for the cost of producing its goods and services is called?
opportunity cost
profit
income
equilibrium price
Which is an example of a public want?
food
clothing
hospital
highway
Private wants are satisfied by local, state, and federal governments.
True
False
Gathering and analyzing information about the wants, needs, and preferences of consumers is called?
target market
market research
Law of Demand
entrepreneurial resources
The group of people identified as most likely to become customers are called?
wage earners
entrepreneurs
target market
labor resources
What are 3 questions every society must determine regarding it's economy?
What should be produced? How should items be produced? Who should share in what is produced?
What is the problem? What are the alternative solutions to the problem? How much should items cost?
What are the pros/cons of each alternative? Should we be a market economy? Is uneven distribution of income acceptable?
The 5 steps in the decision-making process are?
Identify how much I'm willing to pay, Identify the target market, List the factors of production, List the distribution process.
List the pros/cons of each factor of production, List the pros/cons of the distribution process, Buy the one with best price, Buy the one with the most features.
Identify the problem, List the alternatives, List the pros/cons of each alternative, Make the best decision, Evaluate your decision.
None of the above
