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 WantsNeedsPrivate WantsWants30s
- Q2____________are things you MUST have in order to survive.WantsNeedsPrivate WantsPublic Wants30s
- Q3A family wanting a new kitchen table would be an example of?Private WantWantNeedPublic Want30s
- Q4Everyone that drives on 71 HWY thinks the road needs to be repaved is an example of?NeedWantPrivate WantPublic Want30s
- Q5True/False: Businesses provide goods and services to satisfy wants and needsFalseTrue30s
- Q6________ are items that people can use to make or obtain what they need or want.CompetitionServicesGoodsResources30s
- Q7What 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 Decision1. Identify the Situation3. Determine the Pros and Cons2. Identify Possible Courses of Action30s
- Q8Brittany 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 Cons4. Make a Decision1. Identify the Situation2. Identify Possible Courses of Action45s
- Q9Why is market research important for a business?Only certain businesses do market researchIt's a commercial activity that seeks profit by providing goods and services to customersAllows a contest between businesses to win customersAllows them to analyze information about wants and need sfor the customers30s
- Q10True/False: Most companies that sell goods and only sell good; they don't provide services for their customersTrueFalse30s
- Q11Anytime there is a shortage of a resource, what is the economy experiencing?ScarcityEconomic ShortageLabor ResourcesEconomic Systems30s
- Q12A 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?CapitalNaturalLaborEntrepreneurial30s
- Q13A 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?NaturalCapitalEntrepreneurialLabor30s
- Q14A 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?NaturalLaborEntrepreneurialCapital30s
- Q15How many basic questions should an economy ask itself?231430s