Economics Quiz

Difference between the revenues earned by a business and the cost of operating the business.

• Profit

• Supply

• Demand

• Opportunity Cost

The quantity of a good or service that consumers are willing to buy at a given price.

• Demand

• Supply

• Profit

• Needs

The quantity of a good or service a producer is willing to produce at different prices.

• Supply

• Demand

• Profit

• Wants

Value of the next-best alternative.

• Opportunity Cost

• Profit

• Demand

• Needs

Which term refers to the resources used to produce goods and services?

• Economic Resources

• Profit

• Wants

• Opportunity Cost

What is the term for the amount of a product that producers are willing to sell at various prices?

• Supply

• Demand

• Profit

• Needs

What is the term for the amount of a product that consumers are willing to purchase at various prices?

• Demand

• Supply

• Profit

• Wants

What is the term for the cost of foregoing the next best alternative when making a decision?

• Opportunity Cost

• Profit

• Demand

• Wants

Which term describes the essentials required for survival?

• Needs

• Wants

• Supply

• Economic Resources

List 2 examples of a want.

• Food, Water

• Car, Vacation

• Shelter, Clothing

• Medicine, Education