Year 10 Economics Mega Quiz

According to Economics, 'resources' are considered to be...

• Unlimited

• Limtied

According to Economics, 'wants' are considered to be...

• Unlimited

• Limtied

Which one of the following is a 'need'?

• Holiday

• Entertainment

• iphone

• Food

Which one of the following is a 'want'?

• Safety

• Education

• Dessert

• Shelter

A 'need' is something that...

• is desired

• is essential

The 'Economic Problem' states that...

• people have unlimited reources to satisify unlimited wants

• people have limited reources to satisify unlimited wants

• people have unlimited reources to satisify limited needs

• people have unlimited reources to satisify limited wants

In Economics, the concept of 'Scarcity' means..

• prices increase when demand increases

• resoruces are limtied

• prices increase when supply increases

• opportuntiy cost

In Economics, 'resources' are...

• people, plants and animals

• earth, fire, wind and water

• assets, cash amd shares

• land, labour, capital and enterprise

The 'Economic Problem' means that people must...

• make choices on how they use their resources

• save their resources to satisfy their unlimited wants

• work for an income

Economics is the study of...

(choose the best answer)

• how people spend money

• people's needs and wants

• human choices

• opportunity cost