Economics Basics Quiz

What is the basic study of economics about?

• The study of natural resources

• The study of choices people make to satisfy their wants and needs with limited resources

• The study of money and banking

• The study of historical events

What is a 'want' in economic terms?

• Something people desire or need to have

• A natural resource

• An action provided to us

• A physical product we can hold and touch

Which of the following is an example of a service?

• A book

• A movie

• A phone

• A haircut

What are the three types of resources in economics?

• Wants, needs, and desires

• Natural resources, capital, and labor

• Money, goods, and services

• Products, services, and capital

What does scarcity mean in economics?

• Having no resources at all

• Having more resources than needed

• Having a limited supply of resources to meet the needs and wants of society

• Having unlimited resources to meet the needs and wants of society

Which of the following is NOT one of the three basic economic questions?

• Who will use it?

• How will it be produced?

• When will it be produced?

• What should be produced?

What must a company consider when planning to create a new video game?

• The age of the workers

• The weather conditions

• The resources needed, including capital, labor, and natural resources

• The color of the game

Why do countries need to make hard economic decisions?

• Because they have no resources

• Because they want to produce everything

• Because they have limited resources and must prioritize spending

• Because they have unlimited resources