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Economics

Quiz by Eric Walker

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18 questions
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  • Q1
    goods and services consumers purchase for enjoyment
    want
    need
    30s
  • Q2
    goods and services consumers purchase for survival
    need
    want
    30s
  • Q3
    when two or more businesses compete for consumers
    monopoly
    labor
    services
    competition
    30s
  • Q4
    the different factors that are needed to produce goods and services (entrepreneurship, land, labor, capital)
    factors of production
    exports
    imports
    monopoly
    30s
  • Q5
    accepting the risk to start and run a business
    specialization
    scarcity
    natural resources
    entrepreneurship
    30s
  • Q6
    all natural resources used to produce goods and services.
    entrepreneurship
    land
    labor
    capital
    30s
  • Q7
    human effort directed toward producing goods and services
    entrepreneurship
    labor
    capital
    land
    30s
  • Q8
    money, machinery, and equipment needed to produce goods and services
    goods
    capital
    land
    labor
    30s
  • Q9
    items purchased to satisfy needs and wants
    goods
    30s
  • Q10
    activities purchased to satisfy needs and wants
    trade
    interdependence
    services
    goods
    30s
  • Q11
    condition that exists when wants or needs exceed resources available (not enough supply)
    competition
    scarcity
    trade
    surplus
    30s
  • Q12
    materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
    capital
    natural resources
    labor
    land
    30s
  • Q13
    a relationship between countries in which they rely on one another for resources, goods, or services
    specialization
    monopoly
    interdependence
    competition
    30s
  • Q14
    exchange of goods and services
    quantity
    quality
    trade
    specialization
    30s
  • Q15
    when people produce certain goods and services based on their available resources or expertise
    specialization
    imports
    need
    exports
    30s

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