Introduction to Business

Section 1: Economic Resources

Self-Checks

1
A lack of the resources needed to go into producing goods and services is called ______ .
A)abundance
B)deficiency
C)insufficiency
D)scarcity
2
The economic resources needed to make a society's goods and services are called factors of ______ .
A)economy
B)production
C)scarcity
D)society
3
Raw materials from nature are called ______ resources.
A)environmental
B)natural
C)physical
D)renewable
4
People who are paid to make goods and services are called ______ resources.
A)capital
B)human
C)labor
D)natural
5
Money used to produce goods and services is a(n) ______ .
A)asset resource
B)capital asset
C)capital resource
D)physical asset
6
Individuals who start and direct businesses to produce goods and services are called ______ resources.
A)entrepreneurial
B)global
C)labor
D)virtual
7
When dealing with scarcity, it is important to identify the best way to use the item that is ______ .
A)in demand
B)in short supply
C)most expensive
D)readily available
8
Factors of production can all be categorized into ______ groups.
A)one
B)two
C)three
D)four
9
The amount of natural resources available to a society has a(n) ______ effect on its economy.
A)adverse
B)circuitous
C)direct
D)oblique
10
Natural resources are often in ______ various ways to create goods.
A)altered
B)extracted
C)processed
D)transported
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