BizTown Quiz #1 Review

Which is not true of public goods and services?

• Shared by everyone - sometimes at the same time

• Only given to the needy

• No one is prevented from using them

• Are paid for by taxes

Who pays for public goods and services?

• Philanthropists

• Only people who use them

• Taxpayers

• Government

The merchandise, skills, and knowledge offered for sale by businesses or citizens are called...

• Taxes and bills

• Services and taxes

• Goods and services

• Trade and Goods

Devin has five cookies and seven friends. Which vocabulary word would describe his situation?

• Unfortunate

• Surplus

• Resources

• Scarcity

Due to scarcity, people cannot have all of the things they want. Is this statement true or false?

• True

• False

• Sometimes true

• Not applicable

Anyone can be an entrepreneur.

• True

• False

• Only adults

• Only professionals

Resources are the goods people buy from a business.

• True

• False

• Only in certain industries

• Only physical goods

The person with the idea to create a new product and start a business is known as the ______

(a)  

• entrepreneur
• human capital
• capital

Match the following

• Resources

• The labor, skills, and abilities of workers used in production.

• Human resources

• The people and things needed to produce goods and services.

• Business

• A company that sells goods or services.

• Entrepreneur

• Things made by people and used to produce goods or offer services.

• Capital resources

• A person who uses resources to start a business.