Y8 Economic concepts quiz

Question 1

An example of a non-renewable resource is

Accepted Answer

Oil

Question 2

A mismatch between unlimited human wants and limited resources is called

Accepted Answer

Scarcity

Question 3

To be financially literate I need a balance of...

Accepted Answer

Knowledge and skills

Question 4

An example of a service is

Accepted Answer

Teaching swimming lessons

Question 5

Services are actions that satisfies our wants through the efforts of other people or equipment

Accepted Answer

True

Question 6

What is economics?

Accepted Answer

The way a country manages its money and resources.

Question 7

The 4 Factors of Production include enterprise, captial, labor and...

Accepted Answer

land

Question 8

A laptop is an example of a Capital resource

Accepted Answer

True

Question 9

An example of goods are:

Accepted Answer

A cookie

Question 10

Goods are items you can see and touch

Accepted Answer

True

Question 11

An example of a renewable resource is

Accepted Answer

Solar energy

Question 12

Resources/factors of production are the materials with which the goods and services are produced

Accepted Answer

True

Question 13

Land (natural) resources can be renewable or non-renewable

Accepted Answer

True

Question 14

Labour (physical & intellectual) resources include coaching a sports team, construction of a new house, and

Accepted Answer

Being served by a waiter at a restaurant

Questions 14