Economics Quiz

What is a "good" in economic terms?

• A service provided by someone

• Anything you can buy that you can hold or touch

• A type of resource needed to make products

• A professional activity

What does "service" mean in economics?

• A product made locally

• A task you do for yourself

• An activity we pay someone else to do for us

• Goods exported to another country

Who is considered a consumer?

• A person who sells goods

• A person who makes goods

• A person who buys a good or service

• A person who imports goods

What is the role of a producer?

• To buy goods from the market

• To provide services only

• To make or provide a good or service

• To consume products

What does "local" refer to in economic terms?

• Services provided in the community

• Goods made near where they are sold

• Products imported from abroad

• Labor used in factories

What does "import" mean?

• To send out goods to another country

• To bring in goods from another country

• To produce goods locally

• To use natural resources

What is meant by "export" in economics?

• To bring goods into a country

• To use goods within the same region

• To send out goods to another country

• To buy goods from local producers

What are "resources" necessary for in economics?

• To buy and sell goods

• To make or build goods or services

• To import goods from abroad

• To provide labor only

What does "labor" involve in economic production?

• Only the physical effort

• Only the mental effort

• The physical and mental effort used to produce goods and services

• The use of machines only

What are "human resources" in economics?

• Machines used in production

• Natural elements like water and air

• People that are needed to produce goods or provide services

• Financial investments