What Is Economics? Question Preview (ID: 340)

Review Of Chapter 21. TEACHERS: click here for quick copy question ID numbers.

What is economics?
a) the study of how people choose to use thier limited resources to produce goods and services
b) the study of money
c) a course I'm forced to take
d) the study of how people grow vegetables

What are goods?
a) products that people use
b) things that people get for free
c) something someone does for someone else
d) something that is good

What are services?
a) activities that people do for other people
b) products that people buy
c) places people go to shop
d) a way to make money

What is scarcity?
a) When people want more than they can have
b) goods and services that are available
c) having more than you need
d) buying the newest item

What are needs?
a) Things that people have to have to survive
b) Things people want to make them happy
c) Anything in the store
d) An Ipod

What are wants?
a) Things that people desire, but do not need
b) Air, water, shetler, clothes
c) Scarce resources
d) A movie on HBO

What are natural resources?
a) things found in nature
b) a magazine
c) a place to get goods
d) the problem in enconomics

What are renewable resources?
a) A resource that can be replaced
b) Oil
c) A teacher
d) Human labor

What is human resource?
a) Labor
b) trees
c) not an important part of economics
d) a marketing strategy

What are entrepreneurs?
a) people who start their own business
b) people who work for other people
c) a resource
d) an idea

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