Economics Quiz

What term describes the way a country manages its money and resources to produce, buy, and sell goods and services?

• Economy

• Capital

• Labor

• Profit

Which of the following is a legal agreement where someone borrows money to buy a house?

• Externality

• Mortgage

• Capital

• Labor

What is the term for substances used in the primary production of goods?

• Tangible goods

• Labor resources

• Raw materials

• Capital assets

Which word means "capable of being touched"?

• Labor

• Externality

• Interdependence

• Tangible

What describes the regular travel to and from a place of work?

• Labor

• Interdependence

• Commute

• Economy

What term describes the money needed for workforce, machinery, and equipment in business?

• Profit

• Economy

• Capital

• Mortgage

Who is a person that starts a business and risks loss to make money?

• Labor

• Entrepreneur

• Capital

• Economy

What term describes the work needed to create a good or provide a service?

• Capital

• Raw materials

• Economy

• Labor

Which term means being related in such a way that each needs or depends on the other?

• Interdependence

• Economy

• Externality

• Labor

What is the money made by a business after all expenses are paid?

• Capital

• Labor

• Raw materials

• Profit