Economics Quiz

People have to make ________ about what they want to buy because they cannot buy everything they want.

• choices
• scarcity

• producers

• consumers

________ are people who make goods or provide services.

• consumers

• producers

• choices

• scarcity

________ are things we must have in order to live.

• wants

• choices

• opportunity cost

• needs

________ happens when there is not enough of something.

• opportunity cost

• consumers

• scarcity

• producers

When you buy a good or service, you are considered a ________.

• wants

• consumers

• producers

• needs

A candy bar is an example of a want.

• True

• False

If you choose to buy a bike instead of a skateboard, the skateboard is an example of an opportunity cost.

• True

• False

A car wash is an example of a good.

• True

• False

Each time you receive money you should decide what part to save and spend.

• True

• False