Economics Quiz

What is economics?

• The study of how people use scarce resources to accomplish their needs and wants.

• The study of how people create unlimited resources.

• The study of how people avoid using resources.

• The study of how people waste resources.

What are needs?

• Things that are required for life such as food, water, or shelter.

• Things that make life more comfortable but are not necessary for life.

• Things that people want but do not need.

• Things that are not required for life.

What are wants?

• Things that make life more comfortable but are not necessary for life.

• Things that are required for life such as food, water, or shelter.

• Things that people do not desire.

• Things that people need to survive.

What is scarcity?

• Unlimited wants and limited resources.

• Unlimited resources and limited wants.

• Unlimited resources and unlimited wants.

• Limited wants and limited resources.

What are markets?

• Places where suppliers and consumers get together to exchange goods or services.

• Places where only suppliers gather.

• Places where only consumers gather.

• Places where goods are stored.

What are goods?

• Products that are supplied by a company and purchased by consumers.

• Services performed by specialists.

• Tasks that people do for others.

• Things that are not sold in markets.

What are services?

• Tasks that are performed by a specialist in a certain field.

• Products that are supplied by a company.

• Goods that are sold in markets.

• Things that are not necessary for life.

Who are producers?

• People who sell goods and services.

• People who buy goods and services.

• People who only consume goods.

• People who do not participate in markets.

Who are consumers?

• People who buy goods and services.

• People who sell goods and services.

• People who produce goods.

• People who do not use goods.

What is an example of a service?

• Paying a plumber to fix your sink.

• Buying a candy bar.

• Purchasing a new shirt.

• Selling lemonade on a hot day.