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Ch. 1 & 2 Review

Quiz by Marina Atkins

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19 questions
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  • Q1
    ________________ are the things you do not have to have to survive.
    Public Wants
    Needs
    Private Wants
    Wants
    30s
  • Q2
    ____________are things you MUST have in order to survive.
    Wants
    Needs
    Private Wants
    Public Wants
    30s
  • Q3
    A family wanting a new kitchen table would be an example of?
    Private Want
    Want
    Need
    Public Want
    30s
  • Q4
    Everyone that drives on 71 HWY thinks the road needs to be repaved is an example of?
    Need
    Want
    Private Want
    Public Want
    30s
  • Q5
    True/False: Businesses provide goods and services to satisfy wants and needs
    False
    True
    30s
  • Q6
    ________ are items that people can use to make or obtain what they need or want.
    Competition
    Services
    Goods
    Resources
    30s
  • Q7
    What step in the decision making process do you take time to think through the situation so you can identify and consider all the important alternatives?
    4. Make a Decision
    1. Identify the Situation
    3. Determine the Pros and Cons
    2. Identify Possible Courses of Action
    30s
  • Q8
    Brittany has been put into a difficult situation and is unsure what to do. She has already determined what her problem is and has written out the different alternatives that she could do to address the problem. Now she is unsure what to do next. What should Brittany's next step be?
    3. Determine the Pros and Cons
    4. Make a Decision
    1. Identify the Situation
    2. Identify Possible Courses of Action
    45s
  • Q9
    Why is market research important for a business?
    Only certain businesses do market research
    It's a commercial activity that seeks profit by providing goods and services to customers
    Allows a contest between businesses to win customers
    Allows them to analyze information about wants and need sfor the customers
    30s
  • Q10
    True/False: Most companies that sell goods and only sell good; they don't provide services for their customers
    True
    False
    30s
  • Q11
    Anytime there is a shortage of a resource, what is the economy experiencing?
    Scarcity
    Economic Shortage
    Labor Resources
    Economic Systems
    30s
  • Q12
    A person notices there is a need for cattle in their community and decides to become a farmer. The community has a scarcity of meat and dairy products. The farmer uses tractor to collect the hay for the cattle to eat. The tractor the farmer uses to collect the hay for the cattle is an example of which of the factor of production?
    Capital
    Natural
    Labor
    Entrepreneurial
    30s
  • Q13
    A person notices there is a need for cattle in their community and decides to become a farmer. The community has a scarcity of meat and dairy products. The farmer uses tractor to collect the hay for the cattle to eat. The cattle is an example of which of the factor of production?
    Natural
    Capital
    Entrepreneurial
    Labor
    30s
  • Q14
    A person notices there is a need for cattle in their community and decides to become a farmer. The community has a scarcity of meat and dairy products. The farmer uses tractor to collect the hay for the cattle to eat. The person DECIDING to become a farmer is an example of which factor of production?
    Natural
    Labor
    Entrepreneurial
    Capital
    30s
  • Q15
    How many basic questions should an economy ask itself?
    2
    3
    1
    4
    30s

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