Economics Quiz

What is the study of how people seek to satisfy their needs and wants?

• Entrepreneur

• Consumer

• Profit

• Economics

Who is a person who comes up with an idea for a better service or product?

• Entrepreneur

• Consumer

• Profit

• Economics

Who is a person who uses a product or service?

• Entrepreneur

• Consumer

• Profit

• Economics

What is the reward to a successful entrepreneur for producing a good or service?

• Entrepreneur

• Consumer

• Profit

• Economics

What is a general and progressive increase in prices called?

• Inflation

• Supply and Demand

• Scarcity

• Capitalism

What determines how much of something there is and how much something is wanted?

• Inflation

• Supply and Demand

• Scarcity

• Capitalism

Which economic system is characterized by privately owned and operated means of production for profit?

• Socialism

• Communism

• Capitalism

• Traditional Economy

Which economic system is characterized by MOST forms of property and resources being controlled by the public or the state?

• Socialism

• Communism

• Capitalism

• Traditional Economy

Which economic system is characterized by the government owning and controlling production of everything?

• Socialism

• Communism

• Capitalism

• Traditional Economy

Which economic system is characterized by people following traditions and customs?

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy