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Economics Quiz

Authored by Jim Rivello

Professional Development

12th Grade

Used 4+ times

Economics Quiz
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Wants

Needs

Goods

Price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Goods

Services

Producers

Trade-off

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Producers

Consumers

Incentives

Demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Consumers

Producers

Market Economy

Mixed Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Demand

Supply

Price

Trade-off

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Price

Marginal Cost

Trade-off

Incentives

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are factors that motivate individuals to perform an action?

Incentives

Needs

Goods

Services

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