Wants and Needs
Economics is the science of how people use resources to satisfy their ____________ and wants.
What is needs?
Oil is _____________________.
A. a resource
B. a natural resource
C. a nonrenewable resource
D. all of the above
What is D. all of the above?
The goal of almost every business is to maximize profit.
True or False
What is true?
What are goods?
A. things that we pay others to do for us
B. places where economic activity occurs
C. physical objects, like clothing and cars
D. plans for how you will spend the money
What is C. physical objects, like clothing and cars?
Which is NOT a basic human need?
A. shelter
B. food
C. Leisure
D. clothing
What is C. leisure?
Which is an example of a natural resource?
A. a chair
B. a tool
C. a store
D. a tree
What is D. a tree?
What does a barber provide?
A. consumer service
B. industrial service
C. consumer good
D. industrial good
What is A. consumer service?
Competition is good for buyers because sellers often compete by
A. lowering their prices.
B. leaving the marketplace.
C. lowering the quality of their products.
D. offering fewer items for sale.
What is A. lowering their prices?
Which resource is used to fulfill basic needs?
A. labor
B. tools
C. land
D. all of the above
What is D. all of the above?
A. renewable
B. capital
C. natural
D. limited
What is D. limited?
What is it called when societies turn resources into goods and services?
A. building
B. factoring
C. producing
D. profiting
What is C. producing?
Land, capital, and labor are the resources used to create goods and services. Together, they are called the
A. rules of the marketplace.
B. factors of production.
C. risks of competition.
D. details of a budget.
What is B. factors of production?
Which is an example of someone fulfilling a basic human need?
A. a soccer player kicking a ball
B. a teacher playing a video game
C. a child putting on a coat
D. a parent listening to the radio
What is C. a child putting on a coat?
Economics is the science of how people use resources to satisfy their needs and wants.
True or False
What is true?
A. labor
B. other products
C. capital resources
D. natural resources
What is C. capital resources?
Which of the following is a retail business?
A. a cattle ranch
B. a hair salon
C. a supermarket
D. an elementary school
What is C. a supermarket?
About what percentage of the people in the world do NOT get their basic economic needs met?
A. 5 percent
B. 15 percent
C. 0 percent
D. 50 percent
What is B. 15 percent?
The idea that choosing to have more of one thing requires a decision to have less of another is called ____________.
A. economics
B. opportunity cost
C. capital
D. natural resources
What is B. opportunity cost?
When a business makes a profit, what is happening?
A. its revenues are greater than its costs
B. its costs equal its revenue
C. its costs are greater than its revenue
D. its revenues are the same as its costs
What is A. its revenues are greater than its costs?
How can a state's climate affect its economy?
A. It affects classes that students take.
B. It affects what producers make and sell.
C. It creates new jobs for people in all fields.
D. It has no affect on the economy of a state.
What is B. it affects what producers make and sell?