Economic Challenges Facing Business

1
Economic Challenges Facing Business

• Chapter 2

2
Coal, iron, gold, and oil are examples of what
type of resource?

• Natural
• Renewable
• Nonrenewable
• Capital

3
______ is another term for human resources.

• Scarcity
• Labor
• Entrepreneurship
• None of the above

4
______ are resources that can be replaced or
renewed.

• Natural
• Renewable
• Economic
• Nonrenewable

5
A few examples of natural resources are ______.

• Trees, plants, water, oil, and water
• Coal, iron, water, and oil
• Trees, water, oil, and fish
• Steel, water, plants, and fish

6
___ is a lack of something that can be used to
satisfy the wants of a group of people.

• Scarcity
• Abundance
• Labor
• Business

7
Scarcity is the same as poverty.

• True
• False
• All of the above

8
Every country must decide how to use its ___ to
meet the needs of its people.

• Labor
• Business
• Resources
• Unicorns

9
A country cannot produce everything its
residents want.

• True
• False

10
Which is NOT one of the four factors of
production?

• Natural
• Human
• Entrepreneurial
• business

11
The _____ of natural resources could increase as
population.

• Scarcity
• Abundance
• Production
• factors

12
Most natural resources need to be processed,
______, or somehow changed to make them useful.

• Cleaned
• Refined
• Polished
• mixed

THE ROCK!!
13
Which is NOT a natural resource?

• Coal
• Natural gas
• Oil
• plastic

14
These are all the items other than natural
resources that are used to produce goods and
services.

• Human resources
• Capital resources
• Entrepreneurship
• All of the above

15
The initiative to combine natural, human an
capital resources to produce goods or services is
called?

• Entrepreneurship
• Economic system
• Factors of production
• Business

16
What is the first step in entrepreneurship?

• Produce goods
• Buy items to produce wants and needs
• Research and develop new methods
• Recognizing changes and differences in wants and
  need

17
Money is a capital resource.True or False

• T
• F

18
What is an economic system?

• A) A set of rules by which a nation decides how
  to distribute its resources to satisfy peoples
  wants.
• B) a system of well balanced economical problem.
• C) basic rules for economical growth
• D) All of the above

19
Resources that could be used to produce or create
goods and services

• Economic system
• Natural resources
• Economic resources
• Factors of production

20
Factors Of Production

• Resources not used for goods
• Factors that effect productions
• Natural resources
• Resources are actually used to produce good or
  services

21
Natural Resources

• Come from air, water, and earth
• Man made
• Made in a mad scientists lab with electrical
  shocks and a chicken
• Made by combining two resources