Quiz: What is the economy?

Economics is the study of decisions people make to meet ______ and ______.

• deadlines, inflation

• needs, wants

• standards, goals

• None of the above

_____ are things that you must have to live or stay healthy and safe.

• Needs

• Wants

• Opportunity costs

• None of the above

_________ are things you would like to have.

• Needs

• Wants

• Opportunity costs

Tanvi goes to work so she can make money to pay for her house. Is this an example of a need or a want?

• need

• want

Tanvi cancels plans for next week so she can go on a vacation. Is this an example of a need or a want?

• need

• want

Tanvi watches her favorite TV show. Is this an example of a need or a want?

• need

• want

Tanvi eats breakfast so she has energy for the day. is this a need or a want?

• need

• want

People use _____ and ______ to meet their needs and wants.

A _______ is something you can touch or hold in your hand.

• service

• good

A ______ is a job you pay someone to do for you.

• service

• good