Economics Quiz

What is the term for the idea that resources limit the supply of what people want and need?

• Supply & Demand

• Goods

• Scarcity

• Services

Which term describes a cause-and-effect relationship of price?

• Consumer

• Supply & Demand

• Producer

• Mixed Economy

What are products that can be bought to use or keep called?

• Services

• Goods

• Scarcity

• Planned Economy

What term is used for jobs that you pay someone to do for you?

• Goods

• Services

• Consumer

• Producer

Who is someone that buys goods or services?

• Producer

• Consumer

• Mixed Economy

• Scarcity

Who is someone that makes goods or provides services?

• Consumer

• Producer

• Goods

• Services

What type of economy is where the government makes all decisions about how to solve scarcity?

• Mixed Economy

• Planned Economy

• Supply & Demand

• Scarcity

What type of economy combines private ownership and government control?

• Planned Economy

• Mixed Economy

• Consumer

• Producer

Housing construction is limited in a lumber shortage. This is an example of what economic concept?

• scarcity

• invisible hand

• communism

• capitalism

What is an example of a service?

• Hot dog

• Auto repair

• factory

• Lumber shortage