CGHS Economics Ch. 1 Vocab Quiz - 2024

What is scarcity?

• The abundance of resources to satisfy all wants

• A condition where resources are limited to satisfy unlimited wants

• The surplus of goods and services

• The excess of supply over demand

What are productive resources?

• The outputs of goods and services

• The inputs used to produce goods and services

• The waste products of production

• The surplus resources in an economy

What does economics study?

• The unlimited resources available

• How people use scarce resources to satisfy unlimited wants

• The abundance of natural resources

• The surplus of goods in the market

What are human resources?

• Only physical efforts used in production

• Only mental efforts used in production

• Both physical and mental efforts used to produce goods and services

• The natural resources used in production

What is labor?

• The natural resources used in production

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

• The capital used in production

• The surplus of goods in the market

Who is an entrepreneur?

• Someone who consumes goods and services

• Someone who tries to earn a profit by developing new products or improving existing ones

• Someone who provides labor for production

• Someone who uses natural resources for production

What are natural resources?

• Man-made creations used in production

• Gifts of nature used to produce goods and services

• The surplus resources in an economy

• The waste products of production

What are capital goods?

• Natural resources used in production

• All human creations used to produce goods and services

• The surplus goods in the market

• The waste products of production

What is a good?

• An item you cannot see or touch

• An item you can see, feel, and touch that requires scarce resources to produce

• A service provided by the government

• A surplus product in the market

What is a service?

• A physical item that requires scarce resources

• Something not physical that requires scarce resources to produce

• A surplus product in the market

• A natural resource used in production