Economics Test Number One Questions
with Accurate Answers 2024/2025
1. Need - ANS ✔Something essential for survival.
2. Want - ANS ✔Something that people desire but that is not necessary for
survival.
3. Goods - ANS ✔The physical objects that someone produces.
4. Services - ANS ✔The actions or activities that one person performs for
another.
5. Scarcity - ANS ✔The principle that limited amounts of goods and services
are available to meet unlimited wants.
6. Economics - ANS ✔The study of how people seek to satisfy their needs and
wants by making choices.
, 7. Shortage - ANS ✔A situation in which consumers want more of a good or
service than producers are willing to make available at a particular price.
8. Entrepreneur - ANS ✔A person who decides how to combine resources to
create goods and services.
9. Factors of Production - ANS ✔The first task facing an entrepreneur.The
resources that are used to make goods and services. The three main factors
of production are land, labor, and capital.
10.Land - ANS ✔All natural resources used to produce goods and services.
11.Labor - ANS ✔The effort people devote to tasks for which they are paid.
12.Capital - ANS ✔Any human-made resource that is used to produce other
goods and services.
13.Physical Capital - ANS ✔The human-made objects used to create other
goods and services.
with Accurate Answers 2024/2025
1. Need - ANS ✔Something essential for survival.
2. Want - ANS ✔Something that people desire but that is not necessary for
survival.
3. Goods - ANS ✔The physical objects that someone produces.
4. Services - ANS ✔The actions or activities that one person performs for
another.
5. Scarcity - ANS ✔The principle that limited amounts of goods and services
are available to meet unlimited wants.
6. Economics - ANS ✔The study of how people seek to satisfy their needs and
wants by making choices.
, 7. Shortage - ANS ✔A situation in which consumers want more of a good or
service than producers are willing to make available at a particular price.
8. Entrepreneur - ANS ✔A person who decides how to combine resources to
create goods and services.
9. Factors of Production - ANS ✔The first task facing an entrepreneur.The
resources that are used to make goods and services. The three main factors
of production are land, labor, and capital.
10.Land - ANS ✔All natural resources used to produce goods and services.
11.Labor - ANS ✔The effort people devote to tasks for which they are paid.
12.Capital - ANS ✔Any human-made resource that is used to produce other
goods and services.
13.Physical Capital - ANS ✔The human-made objects used to create other
goods and services.
