Economics Vocabulary I

Economics Vocabulary I

7th Grade

20 Qs

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Economics Vocabulary I

Economics Vocabulary I

Assessment

Quiz

Social Studies

7th Grade

Easy

Created by

Nicholas Dressel

Used 1+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The factors of production that are used in the production of goods and services are called __________.

resources

capital

labor

entrepreneurship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Materials found in nature that are used as a factor of production are known as __________.

natural resource

manufactured goods

human capital

financial assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The time, energy, skills, and knowledge that define an individual as a factor of production are referred to as __________.

human resource

capital resource

natural resource

entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: A tool, machinery, or item of equipment used as a factor of production is called a __________.

capital resource

natural resource

human resource

financial resource

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The innovative, organizational, and managerial skills required to manufacture a product from natural, human, and capital resources are known as __________.

Entrepreneurship

Management

Leadership

Innovation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The inability to satisfy all wants at the same time is called __________.

scarcity

abundance

surplus

plenty

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The selection of an item or action from a set of possible alternatives is known as __________.

choice

randomness

guess

chance

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