Economics Quiz

What is the study of how people use money, goods, and services known as?

• Currency

• Supply

• Economics

• Scarcity

Who is a person that gives money or other items for things he or she wants or needs?

• Seller

• Buyer

• Exchange

• Demand

What term describes a person who takes money or other items in exchange for things he or she wants or needs?

• Demand

• Exchange

• Seller

• Supply

What does "exchange" mean in economic terms?

• The amount of something that is available

• A country's system of money

• To trade or give up one item for another one

• The number of people who want or need something

What is "demand" in the context of economics?

• When something is difficult to get or find

• The number of people who want or need something

• The study of how people use money, goods, and services

• A country's system of money

What does "supply" refer to in economics?

• The number of people who want or need something

• When something is difficult to get or find

• The amount of something that is available

• A country's system of money

What does "scarcity" mean in economic terms?

• The amount of something that is available

• A country's system of money

• The number of people who want or need something

• When something is difficult to get or find

What is "currency" in the context of economics?

• The study of how people use money, goods, and services

• The number of people who want or need something

• When something is difficult to get or find

• A country's system of money

What is a budget?

• How you make money

• a plan for using money

• the same as a donation

• something that costs lots of money

In economics, what is it called when you give up something when you choose another thing instead?

• opportunity cost

• budget

• sacrifice

• indecisive