Economics Quiz Lesson 1 Economic Basics

What is the main problem in economics?

• Expansion

• Profit

• Scarcity

• Opportunity Cost

What are goods?

• Products that people buy and use

• Actions that people provide

• Money left after paying expenses

• Basic economic resources

What are services?

• Basic economic resources

• Money left after paying expenses

• Actions that people provide

• Products that people buy and use

What is the value of the thing given up in a choice or tradeoff called?

• Profit

• Scarcity

• Factors of Production

• Opportunity Cost

What is the money left after paying expenses called?

• Factors of Production

• Opportunity Cost

• Scarcity

• Profit

What are the basic economic resources needed to produce goods and services called?

• Scarcity

• Opportunity Cost

• Factors of Production

• Profit

What is the benefit that can happen when a factor of production is increased called?

• Expansion

• Contraction

• Scarcity

• Economic Interdependence

What is the system of producing, selling, and buying goods and services called?

• Expansion

• Profit

• Scarcity

• Economy

What is the problem of having unlimited human wants in a world of limited resources called?

• Economy

• Scarcity

• Expansion

• Profit

What determines the price of a good or service?

• Expansion and Contraction

• Supply and Demand

• Opportunity Cost and Profit

• Factors of Production and Scarcity