Economics Quiz

Which BEST describes a need?

• grocery shopping

• going out to eat

• buying a new boat

Who are the people who buy things in an economy?

• producers

• consumers

• bankers

What is our system of money called?

• expenses

• debt

• currency

What is it called if there are not enough goods to sell to meet the demands?

• supply

• demand

• scarcity

What is the amount of goods available to sell called?

• Supply

• demand

• scarcity

What is the desire or want to buy something called?

• supply

• demand

• scarcity

Which is a way that a business tries to increase demand?

• advertisements

• debt

• fundraising

Which is not an EXPENSE in a budget?

• supply

• demand

• scarcity

Clark agreed to paint Lenny’s room if Lenny agreed to wash Clark’s dog. This is an example of _______________.

• budgeting

• spending

• bartering

• saving

Peyton really needed new cleats for soccer because her old cleats were too small. When Peyton purchased new cleats, this is an example of _______________.

• saving

• spending

• budgeting

• income