Economics Quiz 1

If something is scarce it is

• in short supply

• overstocked

• gone

• in high demand

The objective of the economy is to

• satisfy limited needs and wants with unlimited resources

• satisfy unlimited needs and wants with limited resources

• satisfy unlimited needs and wants with unlimited resources

• satisfy limited needs and wants with limited resources

A market is defined as

• a physical place where people buy only goods.

• a physical place where people buy both goods and services.

• a store where people buy physical goods.

• any arrangements that brings buyers and sellers together.

Materials from Earth that people use to produce goods and services are called ______________.

• Climate

• Capital goods

• Natural resources

• Human capital

___________ is the limited supply of something

• Scarcity

• Limitation

• Extinction

• Supply

A person who buys goods and services

• consumer

• entrepreneur

• resource

• currency

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource

• human resources

• consumer

• entrepreneur

another word for money

• barter

• economics

• currency

• price

How much people want something

• supply

• demand

Something we pay for that we can touch

• goods

• services