Economics and Competition Quiz

Economics is the study of how people use limited resources to satisfy _____ wants.

• Study of how to make money

• Study of production and engineering

• Study of how people use limited resources to satisfy unlimited wants

• Study of business ownership

_____ is an economic decision made by individuals.

• Setting tax policy

• Choosing what to buy with a paycheck

• Regulating interest rates

• Running a factory

Production refers to: _____

• Buying goods

• Using goods to meet needs

• Making goods or services

• Trading goods

The act of using goods and services is called _____ .

• Production

• Exchange

• Consumption

• Distribution

In economics, distribution means _____.

• Buying goods from stores

• Making goods in factories

• Delivering goods to consumers

• Exchanging money for services

_____ is an example of exchange.

• Driving a truck

• Trading a video game for a pair of headphones

• Manufacturing a car

• Recycling plastic

_____ is a natural resource.

• A robot

• A delivery truck

• A tree

• A manager

_____ is a human resource.

• A computer

• An office building

• A customer

• A teacher

_____ is considered a capital resource.

• Coal

• Factory machinery

• A cashier

• Sunlight

Scarcity is the condition of having _____.

• Having too much of a product

• Not being able to afford luxury items

• Having limited resources but unlimited wants

• Choosing not to spend money