Economics Quiz

What is the definition of capital according to the learning material?

• The surface of the Earth and resources found in it and on it

• The ability of people to do work

• Money and goods used to help people make or do things

• The act of running a business

What does the term 'land' refer to in the context of the lesson?

• The act of running a business

• Money and goods used to help people make or do things

• The surface of the Earth and resources found in it and on it

• The ability of people to do work

How is 'labor' defined in the document?

• Amount of goods or services that a producer wants to sell

• The ability of people to do work

• Lack of resources

• Amount of goods or services that a consumer wants to buy

What does 'entrepreneurship' mean according to the vocabulary terms?

• Lack of resources

• The ability of people to do work

• The act of running a business

• Amount of goods or services that a consumer wants to buy

What is the definition of 'supply' in the learning material?

• The act of running a business

• Amount of goods or services that a consumer wants to buy

• Amount of goods or services that a producer wants to sell

• Lack of resources

What does 'demand' refer to in the context of the lesson?

• The act of running a business

• Amount of goods or services that a producer wants to sell

• Lack of resources

• Amount of goods or services that a consumer wants to buy

How is 'scarcity' defined in the document?

• The act of running a business

• The ability of people to do work

• Money and goods used to help people make or do things

• Lack of resources

What is the definition of "opportunity cost" according to the learning material?

• The cost of purchasing a product

• The benefit gained from choosing one alternative over another

• What a person gives up when they choose to make or buy a product

• The financial expense of making a product

What is a traditional economy based on?

• Modern technology

• Traditions and customs

• Central government decisions

• Individual choices

In a traditional economy, how do people trade goods and services?

• Using currency

• Through bartering

• By government allocation

• Online trading platforms