Economics Concepts Quiz

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Questions and Answers

Which term refers to material commodities that satisfy human needs and wants, provide utility, and are generated by economic activity?

  • Goods (correct)
  • Needs
  • Services
  • Natural resources

What are intangible commodities created directly or indirectly to satisfy human needs and wants called?

  • Goods
  • Natural resources
  • Services (correct)
  • Needs

Which term refers to something that is necessary and required?

  • Goods
  • Services
  • Needs (correct)
  • Natural resources

What are resources provided by nature, from the environment, called?

<p>Natural resources (B)</p> Signup and view all the answers

Who are the subjects responsible for undertaking economic activity and organizing the production and distribution of goods and services?

<p>Economic agents (C)</p> Signup and view all the answers

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