Economics Quiz

A person who takes a risk to start a new business is called __________.

• Producer

• Consumer

• Entrepreneur

• Banker

What are natural resources?

• Shelter & food

• Something found in nature that people can use

• Goods & services

Interdependent means __________.

• Producers and consumers need one another.

• Producers are dependable.

• People are interesting.

What is an economy?

• People, places, and things

• The way an area uses and produces resources, goods, and services to meet its needs

• A business that has many people working for it

The amount of something consumers are willing to buy for a certain price is ________.

• Demand

• Benefits

• Consumer

• Supply

• Cost

A plan for using money is called ________.

• Budget

• Currency

• Expense

• Service

Someone who makes and sells goods is called ________.

• Producer

• Consumer

• Supply

There are 7 swings on the playground. Each swing has a child swinging on it. There are 5 students waiting to swing. What is this an example of?

• Opportunity cost

• Scarcity

• Benefits

• Abundance

If the supply of a new xbox is very low, but the demand is very high, the price will _____

• Go up

• Go down

• Not change

• Be free

A computer is an example of which type of resource?

• Human

• Capital

• Natural

• Renewable