Economics
Quiz by Eric Walker
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18 questions
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- Q1goods and services consumers purchase for enjoymentwantneed30s
- Q2goods and services consumers purchase for survivalneedwant30s
- Q3when two or more businesses compete for consumersmonopolylaborservicescompetition30s
- Q4the different factors that are needed to produce goods and services (entrepreneurship, land, labor, capital)factors of productionexportsimportsmonopoly30s
- Q5accepting the risk to start and run a businessspecializationscarcitynatural resourcesentrepreneurship30s
- Q6all natural resources used to produce goods and services.entrepreneurshiplandlaborcapital30s
- Q7human effort directed toward producing goods and servicesentrepreneurshiplaborcapitalland30s
- Q8money, machinery, and equipment needed to produce goods and servicesgoodscapitallandlabor30s
- Q9items purchased to satisfy needs and wantsgoods30s
- Q10activities purchased to satisfy needs and wantstradeinterdependenceservicesgoods30s
- Q11condition that exists when wants or needs exceed resources available (not enough supply)competitionscarcitytradesurplus30s
- Q12materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gaincapitalnatural resourceslaborland30s
- Q13a relationship between countries in which they rely on one another for resources, goods, or servicesspecializationmonopolyinterdependencecompetition30s
- Q14exchange of goods and servicesquantityqualitytradespecialization30s
- Q15when people produce certain goods and services based on their available resources or expertisespecializationimportsneedexports30s