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Chapter 16 Lesson 1 and 2 Review

Quiz by Heather Cox

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33 questions
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  • Q1
    goods and services
    wants are organized into what two groups
    30s
  • Q2
    choices
    unlimited wants + limited resources =
    30s
  • Q3
    the study of how people choose to use their limited resources to satisfy their unlimited wants
    economics is
    30s
  • Q4
    natural resources, labor, and capital
    There are 3 types of limited resources which include
    30s
  • Q5
    buildings and tools used to produce goods/services
    Capital as a resource is referencing
    30s
  • Q6
    people; skills and abilities
    Labor includes
    30s
  • Q7
    trees, coal, bauxite, etc.
    natural resources include
    30s
  • Q8
    we do not have enough resources to produce all of the things we would like to have
    scarcity occurs when
    30s
  • Q9
    scarcity
    the basic economic problem is
    30s
  • Q10
    3
    there are how many basic economic questions?
    30s
  • Q11
    what goods and services will be produced?
    the 1st question that is answered by economists
    30s
  • Q12
    how will the goods/services be produced?
    the 2nd question that is answered by economists
    30s
  • Q13
    who will consume, or use, it?
    the 3rd question that is answered by economists
    30s
  • Q14
    nation's resource and values
    two big influences on who gets a good or service is
    30s
  • Q15
    Mixed-Market economy
    the U.S. has what type of economy
    30s

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