Economic Concepts Quiz
Authored by Vincent Eze
Business
7th Grade
Used 1+ times
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38 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the process of providing services to others?
Extraction
Manufacturing
Commerce
Service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does capital consist of?
Only money
Wealth used for the production of further wealth, including machinery and tools
Land and labor combined
Finished goods ready for sale
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following occupations requires physical fitness?
Teaching
Nursing
Banking
Insurance
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary function of an entrepreneur?
To provide labor for production
To provide capital for production
To organize and coordinate resources for production
To provide land for production
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the reward for land?
Wages and salaries
Rent
Interest
Profit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines 'labor'?
Only physical work done by unskilled workers
All human efforts, whether physical or mental, directed toward production
The management of financial resources
The use of machinery in production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary factor that determines the location of industries?
Climate and weather conditions
Natural resources
Health factors
Skill and training
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