Economic Concepts Quiz

Which of the following is an economic want?

• Food

• Shelter

• Smartphone

• Clothing

People who purchase goods and services are called:

• Customers

• Economists

• Employees

• Business people

An organized way in which a state or nation distributes its resources and provides goods and services to the community is called:

• Standard of living

• Investment

• Economics

• Economic system

Labor is:

• Raw materials found in nature

• Equipment a business uses

• Any service a person does for a company

• Something we desire but could ultimately live without

Which of the following is not an advantage of a sole proprietorship?

• limited capacity

• full authority of business

• owner retains all benefits

• inexpensive to form

Corporate bylaws are written for:

• For-profit businesses

• Partnerships

• Proprietorships

• Corporations

Which of the following does not impact the way a business is organized?

• Size

• Location

• Goals

• Budget

Consumer decisions are influenced by:

• price of a good or service

• the price of alternatives

• the consumer’s income

• all of the above

The problem of trying to meet infinite wants with limited resources is called:

• scarcity

• specialization

• interest

• Inflation

Businesses who sell products to other businesses are part of:

• B2C market

• B2B market

• an industry

• government market