Question: Which of the following are considered needs? Check all that apply.

Answer: water, residence, food

Question: Which of the following would be a producer?

Answer: someone owning a bookstore

Question: The factors of production attempt to instill the idea that resources are

Answer: limited

Question: What type of labor force might a pottery factory want to focus on when hiring?

Answer: highly skilled

Question: Which of the following would be considered a nonrenewable resource?

Answer: the petroleum used to make trash bags

Question: John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?

Answer: John is using available and renewable resources.

Question: What are the basic types of resources used by producers? Check all that apply.

Answer: capital

labor

land

Question: One of the purposes of studying economics is to understand the

Answer: principles that influence the production of services.

Question: Land is considered a resource because it

Answer: is used to produce things

Question: What is an example of goods?

Answer: a computer game