Chapter 14 and 15 practice for test

Question 1

What are the four productive resources?

Answer 1

-Natural Resources
-Human Resources
-Capital Goods
-Entrepreneurship

Question 2

What are Natural Resources?

Answer 2

-Resources that are made from nature
Ex.
-Ores
-Trees
Arable Land

Question 3

What are Human Resources?

Answer 3

-Talents and skills of an entrepreneur
Ex.
-The skills of a doctor
-The talents of a scientist

Question 4

What are Capital Goods?

Answer 4

-Human-made materials that are needed to produce goods and services
Ex.
-Building
-Machinery
-Tools

Question 5

What is an Entrepreneur?

Answer 5

-A person who organizes resources to create goods or services
Ex.
-Products
-Businesses

Question 6

What is production?

Answer 6

-The act of putting together productive resources

Question 7

What is Consumption?

Answer 7

-The use of goods and services

Question 8

How does specialization develop?

Answer 8

-When a region uses their resources to create goods and services

Question 9

How does specialization result in trade?

Answer 9

• You may have things that another region does not.