Economics Quiz

What is scarcity?

• When there is more than enough of something.

• When there is not enough of something.

• When there are unlimited resources.

• When there is no demand for something.

What are limited resources?

• Resources that are infinite.

• Resources that are abundant.

• Resources that are only a certain number.

• Resources that are not needed.

What does unlimited wants mean?

• There is a limit to the amount of things people want.

• There is no end to the amount of things people want.

• People want only what they need.

• People want less than what is available.

Who are human resources?

• Machines used in production.

• Workers used in the production of goods and services.

• Animals used in farming.

• Tools used in factories.

What are natural resources?

• Man-made items used by people.

• Things in nature that are used by people.

• Resources that are unlimited.

• Resources that are not used by people.

What are capital resources?

• The goods that are used to produce other goods and services.

• The money used to buy goods.

• The land used for farming.

• The people who work in factories.

What is opportunity cost?

• The cost of buying a new product.

• The thing you wanted second most when you make a choice.

• The money you save by not buying something.

• The time you spend on a task.

What is economics?

• The study of animals and their habitats.

• The study of how people and society use their resources to get goods and services.

• The study of weather patterns.

• The study of ancient civilizations.

What is an economic system?

• A system society uses to answer economic questions.

• A system for organizing sports events.

• A system for managing schools.

• A system for building houses.