economic process 1
Landscaping services are an example of which of the following?
A tangible want
A tangible need
An intangible want
An intangible need
A tangible need
Which of the following accurately describes the function of capital in the economic process?
Directly satisfies wants and needs
Provides skills and talents to the production process
Organizes the other factors of production to create profit
Furthers production with the use of manufactured instruments
Furthers production with the use of manufactured instruments
Which of the following stages of the business cycle occurs when a business begins to bounce back from a depression?
Recession
Recovery
Prosperity
Depression
Recovery
Which of the following accurately describes microeconomics?
The study of economies as a whole; the "big picture"
The use of goods and services to fulfill wants and needs
The study of individual economic units
The use of economic patterns to predict future economic conditions
The study of individual economic units
Land is synonymous with which type of economic resources?
Manufactured resources
Natural resources
Human resources
Financial resources
Natural resources
Which of the following is the first stage of the business cycle?
Recession
Recovery
Prosperity
Depression
Prosperity
Food is an example of which of the following?
A tangible want
A tangible need
An intangible want
An intangible need
An intangible want
Which of the following is an example of a nonrenewable land resource?
Oil
Lumber
Vegetables
Water
Oil
Which of the two stages of the business cycle decrease confidence in the economy?
Recession and recovery
Prosperity and recovery
Depression and recession
Prosperity and recession
Depression and recession
Which of the following is NOT one of the three questions related to production?
What?
When?
Who?
How?
When?
How are producers and consumers connected in the economic process?
Consumers buy goods from producers who sell goods to consumers
Consumers sell goods to producers who buy goods from consumers
Consumers process goods for producers who produce goods for consumers
Consumers sell their labor to producers who pay wages and benefits to consumers
Consumers sell their labor to producers who pay wages and benefits to consumers
Which of the following stages of the business cycle occurs when profits are reducing?
Prosperity
Depression
Recession
Recovery
Recession
Which of the following is NOT a type of economic resource?
Manufactured resources
Natural resources
Human resources
Financial resources
Financial resources
Which of the following factors of production is synonymous with the enterpriser factor?
Capital
Labor
Management
Land
Labor
Which of the following two stages of the business cycle increase employment?
Recession and recovery
Prosperity and recovery
Depression and recession
Prosperity and recession
Prosperity and recovery