6 Questions
What category of productive resources does human capital fall under?
Labor resources
Which term refers to the combining of land, labor, and capital in new ways to produce goods and services, involving innovation, strategy, risk-taking, and energy?
Entrepreneurship
What causes temporary lack of desired goods or services?
Shortage causes
What is the perpetual condition of limited resources relative to unlimited wants?
Scarcity
What type of resources are tools, machines, and buildings used in the production of goods and services?
Capital resources
Which resources are natural resources used in the production of goods and services, including renewable and nonrenewable resources?
Land resources
Test your understanding of shortage, factors of production, entrepreneurship, and human capital with this quiz on economic concepts.
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