Economics Quiz

What is a person or group that buys and uses goods and services called?

• Producer

• Consumer

• Supplier

• Retailer

Who is responsible for making, growing, or supplying goods and services?

• Consumer

• Retailer

• Producer

• Distributor

What term describes physical products that can be bought or sold?

• Services

• Goods

• Resources

• Needs

What are actions or activities provided by people or businesses, such as haircuts and education, called?

• Goods

• Services

• Resources

• Needs

What are things that are necessary for survival, such as food and water, called?

• Wants

• Goods

• Needs

• Services

What are things that people desire but do not need for survival, such as video games and jewelry, called?

• Needs

• Wants

• Goods

• Services

What term refers to materials, money, labor, and other assets used to produce goods and services?

• Goods

• Services

• Resources

• Needs

What is the amount of a product or service that businesses are willing to provide at different prices called?

• Demand

• Supply

• Value

• Revenue

What is the amount of a product or service that consumers are willing and able to buy at different prices called?

• Supply

• Demand

• Value

• Scarcity

What term describes the importance or worth of a good or service, usually measured in money?

• Scarcity

• Revenue

• Value

• Supply