Unit 1 Pop Quiz

What is an economic want?

• Things people need in order to survive.

• Things people would like to have, but aren't necessary for survival

• Things people don't want anymore.

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.

• True

• False

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Analyses

• Investments

Who is your favorite teacher?

• The Econ GOAT

• Coach Russo

• That guy that teaches economics and coaches basketball

• All of the above.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

What is an Economic need?

• Something that people desire and is necessary for survival

• All the stuff I want

• Something that I would like to have to make my life easier

• I-Phones, cars, and diamond rings

Which of these is NOT an example of a need?

• Water
• Food
• watch
• Shelter