goods and services, How nations make thins and buy things

What does Demand mean?

When people want a good or service

What does scarcity mean?

limited resources in the world, People have unlimited wants

What are the 4 factors of production

Natural & Human resources-Capital goods-Entrepreneurship

What is entrepreneurship?

Owner and a manager run the business

What does supply mean?

How much goods and services they have for people

What's a competition?

A business that competes for there customers

Items that can be bought or sold

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Economics

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This is a quiz about Economics

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Questions 16

Answers

1
What is a capital good?
Talents
Talents, skills, and resources
Skills
resources
2
What is Economics?
How people buy things
A business
goods and services
How nations make thins and buy things
3
What does Demand mean?
have unlimited wants
forcing people for goods
forcing people for services
When people want a good or service
4
What is Labor?
People doing services
people doing goods
Trucks
people goods and services
5
what is a Service?
Kinds of fun stuff
Items that can be bought or sold
people steal stuff
Various kinds of activities
6
What does scarcity mean?
limited resources in the world
Very little food
Very little money
People have unlimited wants
7
Whats a producer?
Make goods
Makes goods and services
A market place
Makes services
8
What are the 4 factors of production
Human rights and freedom
Natural & Human resources-Capital goods-Entrepreneurship
Land, money, and jobs
weathering and erosion
9
What is an Economist?
A person who studies economics
people who make goods and services
Who studies animals
How people buy things
10
What is entrepreneurship?
Owner and a manager run the business
owner of a business
A business
Managers of a business
11
Whats a consumer?
Makes goods and services
Buys goods
Buys services
Buys goods or services
12
What is land?
Labor
Human resource
Natural resource
Entrepreneurship
13
What is a market clearing price?
when customers demand producers
When the customers want the same thing the other person has
When customers want money
when customers demand supplies
14
What does supply mean?
Goods or services
Tradeoffs
How much goods and services they have for people
When people want a good or service
15
What's a competition?
A business that competes for there customers
A business that only an owner runs
How much services they have for the peoople
Offers money
16
Whats a good?
An owner of a business
A capital good
Items that can be bought or sold
A Human resource

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