Economics Quiz

What are basic requirements for survival, such as food, water, and shelter, called?

• Wants

• Needs

• Goods

• Price

What are physical products that can be purchased, such as clothes or electronics, known as?

• Goods

• Services

• Producers

• Trade-off

What is the term for individuals or groups that use goods and services?

• Producers

• Consumers

• Incentives

• Demand

Who are the people or entities that create goods or services?

• Consumers

• Producers

• Market Economy

• Mixed Economy

What is the term for the amount of a product that is available to consumers?

• Demand

• Supply

• Price

• Trade-off

What is the term for the amount of money required to purchase a good or service?

• Price

• Marginal Cost

• Trade-off

• Incentives

What are factors that motivate individuals to perform an action?

• Incentives

• Needs

• Goods

• Services

What is the additional benefit received from consuming one more unit of a good or service?

• Marginal Cost

• Marginal Benefit

• Opportunity Cost

• Trade-off

Which type of economy is characterized by government control over production and distribution?

• Market Economy

• Command Economy

• Mixed Economy

• Trade-off

What are tasks provided by others that satisfy needs or wants called?

• Goods

• Services

• Products

• Resources