True/False
Indicate whether the statement is true or
false.
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1.
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Goods are considered intangible tasks performed in exchange
for something of value, such as money.
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2.
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“Wants” are those goods and services we desire
and can be classified as luxury goods.
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3.
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Land resources can be classified into two categories:
nonrenewable and renewable.
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Multiple Choice
Identify the choice that best completes the
statement or answers the question.
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4.
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Which is NOT considered to be one of the three questions
related to production?
a. | How will goods and services be
produced? | b. | Why will goods and services be
produced? | c. | Who will receive the goods and
services? | d. | What goods and services will be produced and how
much? |
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Completion
Complete each statement.
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5.
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The study of economies as a whole is known as
____________________.
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6.
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The study of individual economic units, such as businesses
and households, is known as __________________.
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Matching
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Match the following economic resources with the proper
statement, description or definition. a. | Land | d. | Labor | b. | Need | e. | Tangible | c. | Capital | f. | Management |
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7.
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Provides skills and talents to the production process
through people
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8.
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Consists of various items such as equipment, machinery,
tools & factories.
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9.
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Organizes the other three factors of
production.
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10.
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Is Synonymous with natural resources; consists of such
items such as mineral deposits, oil deposits, water, etc.
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