Goods, Services, And Resources

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By Gxenakis

Gxenakis

Community Contributor

Quizzes Created: 5 | Total Attempts: 7,334

Questions: 10 | Attempts: 178 | Updated: Mar 21, 2023

Questions

Settings

Feedback

During the Quiz End of Quiz

Difficulty

Sequential Easy First Hard First

Play as

Quiz Flashcard

Create your own Quiz

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

Indicate whether an item is a good, service, capital resource, labor resource, or land resource.

Questions and Answers

1.

You go to Best Buy and purchase a flat screen TV. You are purchasing a:
- A.
  
  Good
- B.
  
  Service
Correct Answer
A. Good

Explanation
The correct answer is "good" because when you go to Best Buy and purchase a flat screen TV, you are acquiring a physical product, which in this case is a TV. The term "good" is commonly used in economics to refer to a tangible item that can be bought or sold.

Rate this question:
2.

You walk down the street and decide to go into the barber shop to get a shape up. You are purchasing a:
- A.
  
  Good
- B.
  
  Service
Correct Answer
B. Service

Explanation
The correct answer is "service" because when you walk into a barber shop to get a shape up, you are paying for the service provided by the barber to groom your hair. In this context, the barber is offering their skills and expertise to perform a specific task for you, rather than selling a physical product.

Rate this question:
3.

Your family is having a huge party this weekend. It is Friday and your house is still a mess. Your mom decides to hire a maid to come in to clean your home. You are purchasing a:
- A.
  
  Good
- B.
  
  Service
Correct Answer
B. Service

Explanation
The correct answer is service. In this scenario, the family is hiring a maid to come and clean their home. A service refers to an intangible action or task that is performed by someone else for the benefit of the person purchasing it. In this case, the maid's cleaning service is being purchased to help clean the house for the party.

Rate this question:
4.

You got $100 for your birthday. You decide to spend your money on a Yankees hat. You are purchasing a:
- A.
  
  Good
- B.
  
  Service
Correct Answer
A. Good

Explanation
The answer is "good" because purchasing a Yankees hat can be considered as buying a good. A good refers to a tangible item that can be bought, such as a hat in this case.

Rate this question:
5.

You own a tattoo shop. In order to give people tattoos you need to have ink and a tattoo gun. The ink and tattoo gun are what type of resource?
- A.
  
  Land resource
- B.
  
  Labor resource
- C.
  
  Capital resource
Correct Answer
C. Capital resource

Explanation
The ink and tattoo gun are considered capital resources because they are man-made tools that are used in the production process of giving tattoos. Capital resources are assets that are used to produce goods or services and are not consumed in the process. In this case, the ink and tattoo gun are essential tools that enable the tattoo shop to provide its services to customers.

Rate this question:
6.

Your family owns a farm in upstate New York. The soil on your farm is very good for growing corn, tomatoes, and lettuce. The soil on your farm is what type of resource?
- A.
  
  Land resource
- B.
  
  Labor resource
- C.
  
  Capital resource
Correct Answer
A. Land resource

Explanation
The correct answer is land resource because the soil on the farm is a natural factor of production that is used for growing crops. It is a type of resource that is essential for agricultural activities and plays a vital role in the productivity and success of the farm.

Rate this question:
7.

You own a clothing store in Manhattan. Your two friends work for you checking people out. Your two friends who work for you are what type of resource?
- A.
  
  Land resource
- B.
  
  Labor resource
- C.
  
  Capital resource
Correct Answer
B. Labor resource

Explanation
The two friends who work for you checking people out in your clothing store are considered labor resources. Labor resources refer to the human effort and skills that are utilized in the production process. In this case, your friends are providing their labor by performing the task of checking people out at the store.

Rate this question:
8.

You love the new PSP slim. You decide to ask for it for your birthday. The PSP slim is a
- A.
  
  Want
- B.
  
  Need
Correct Answer
A. Want

Explanation
The given correct answer is "want". This is because the person loves the new PSP slim and decides to ask for it for their birthday. Want refers to something that is desired or wished for, and in this case, the person desires the PSP slim as a birthday gift.

Rate this question:
9.

Your family needs to go to the grocery store to buy food to make breakfast, lunch, and dinner. Going to the grocery store to buy food is a
- A.
  
  Want
- B.
  
  Need
Correct Answer
B. Need

Explanation
Going to the grocery store to buy food is a necessity or requirement because it is essential for your family to have food for breakfast, lunch, and dinner. It is not just a desire or want, but a basic need to ensure that your family is well-fed and has the necessary sustenance for their daily meals.

Rate this question:
10.

You are a big NY Jets fan. You decide to buy tickets to see them play this next season. You are purchasing a:
- A.
  
  Good
- B.
  
  Service
Correct Answer
B. Service

Explanation
When buying tickets to see the NY Jets play, you are purchasing a service. This is because the act of buying tickets involves a transaction for a service, which is the opportunity to attend the game and watch the team play.

Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 09, 2011

Quiz Created by
Gxenakis

Goods, Services, And Resources

You go to Best Buy and purchase a flat screen TV. You are purchasing a:

You walk down the street and decide to go into the barber shop to get a shape up. You are purchasing a:

Your family is having a huge party this weekend. It is Friday and your house is still a mess. Your mom decides to hire a maid to come in to clean your home. You are purchasing a:

You got $100 for your birthday. You decide to spend your money on a Yankees hat. You are purchasing a:

You own a tattoo shop. In order to give people tattoos you need to have ink and a tattoo gun. The ink and tattoo gun are what type of resource?

Your family owns a farm in upstate New York. The soil on your farm is very good for growing corn, tomatoes, and lettuce. The soil on your farm is what type of resource?

You own a clothing store in Manhattan. Your two friends work for you checking people out. Your two friends who work for you are what type of resource?

You love the new PSP slim. You decide to ask for it for your birthday. The PSP slim is a

Your family needs to go to the grocery store to buy food to make breakfast, lunch, and dinner. Going to the grocery store to buy food is a

You are a big NY Jets fan. You decide to buy tickets to see them play this next season. You are purchasing a: