Econ 1.1 Vocab Quiz

Econ 1.1 Vocab Quiz

12th Grade

10 Qs

quiz-placeholder

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Econ 1.1 Vocab Quiz

Econ 1.1 Vocab Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Jason Habisch

Used 4+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economic term used to describe the limited nature of society's resources?

Abundance

Scarcity

Surplus

Inflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered a consumer in an economic context?

A person who creates goods

A person who purchases goods and services

A person who provides labor

A person who manages a business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a good?

Haircut

Car

Teaching

Consulting

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a producer in an economic system?

A person who buys goods

A person who sells goods and services

A person who consumes services

A person who saves money

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a service?

Smartphone

Furniture

Banking

Clothing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

Land, labor, capital, and entrepreneurship

Goods, services, money, and time

Supply, demand, price, and quantity

Income, expenditure, savings, and investment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the concept of scarcity?

Unlimited resources and limited wants

Limited resources and unlimited wants

Equal resources and wants

Surplus resources and limited wants

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