Ekonomiks Quiz 1

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

The people who grow or create goods are called...

• producers
• consumers
• banker
• traders

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders

Which of the following is a need?

• Crayons
• Video Games
• Basketballs
• Houses

If video games are not a need, what are they?

• a wish
• a dream
• a want
• a necessity

All people have the same wants and needs.

• True
• False

I want to buy new shoes for $20. I only have $5. How can buy the shoes?

• Pay $5
• Save my money
• Trade my old shoes for the new shoes

______ is giving away money or goods for a good cause.

• Donating
• Saving
• Spending
• Market

A plan for managing a person's income and expenses is..

• Income
• Scarcity
• Savings
• Budget

A shortage of a resource is considered...

• Scarcity
• Surplus
• Profits
• Income