Quiz # 1

Which one of these best fits the definition of a Good

"Items that consumers purchase with money earned"

• 
• 
• 
• 

Limited quantities of resources to meet the unlimited wants of people

• Economics

• Greatest Net Value

• Scarcity

• Opportunity Cost

My daughter Emery had the opportunity to choose between toys and princess dresses or some jewelry and chapstix. In this scenario she had to weigh her options against one another. In order to make a decision, she had to make a __________

• Consumers dilemma

• Educated decision

• Trade off

• Opportunity Cost

After weighing the cost and benefits of each option my daughter had made a decision. She chose the jewelry and lip gloss. In this scenario between toys and dress up dresses or the jewelry and lip gloss, we can see both Greatest Net Value and Opportunity Cost. Match each option with the correct term.

• Opportunity Cost

• 
• Greatest Net Value

• 
• Greatest Net Value

• 
• 
• 
• Greatest Net Value

• 

Match the following by identify whether something is a good or a service

• Good

• 
• Service

• 
• Service

• 
• Good

• 
• Good

• 

Money and Machinery used in order to produce a good or make a service available to consumers

• Goods

• Services

• Natural Resources

• Capital Resources

The workforce (people), who provide both mental and physical work are considered _______ in making a good or service available

• Human Resources

  (Labor)

• Natural Resources

  (Land)

• $ and Machinery

  (Capital)

• Productive Resources

People who purchase goods and services with money earned

• Producer

• Consumer

• Economist

• Human Resource

The people who create or make a good or service available for someone to buy with money earned

• Consumer

• Supplier

• Producer

• Creator

Determine whether the following is a Want or Need

• Want

• Name Brand Clothing

• Want

• Shelter

• Need

• Food

• Need

• Ribs, Steak, Sushi

• Need

• Water