Econ 1.1 Vocab Quiz

What is the economic term used to describe the limited nature of society's resources?

• Abundance

• Scarcity

• Surplus

• Inflation

Who is considered a consumer in an economic context?

• A person who creates goods

• A person who purchases goods and services

• A person who provides labor

• A person who manages a business

Which of the following is an example of a good?

• Haircut

• Car

• Teaching

• Consulting

Who is a producer in an economic system?

• A person who buys goods

• A person who sells goods and services

• A person who consumes services

• A person who saves money

Which of the following is considered a service?

• Smartphone

• Furniture

• Banking

• Clothing

What are the factors of production?

• Land, labor, capital, and entrepreneurship

• Goods, services, money, and time

• Supply, demand, price, and quantity

• Income, expenditure, savings, and investment

Which of the following best describes the concept of scarcity?

• Unlimited resources and limited wants

• Limited resources and unlimited wants

• Equal resources and wants

• Surplus resources and limited wants

In economics, what is the role of a consumer?

• To produce goods and services

• To purchase and use goods and services

• To regulate market prices

• To provide labor

Which of the following is NOT a factor of production?

• Labor

• Money

• Capital

• Land

What distinguishes goods from services?

• Goods are tangible, services are intangible

• Goods are intangible, services are tangible

• Both are tangible

• Both are intangible