Economics Quiz Supply and Demand

What is the definition of Market Economy?

• the money earned by a person, company, or government over a specific period of time

• a platform, whether physical or electronic, where buyers and sellers can interact and transact

• An economy where most goods and services are produces and consumed in a free market

• an individual, company, or entity that creates goods or services

What is Human Resources?

• Tools or machines used to make the good

• Items that come from nature

• the money or value received by an individual or business entity in exchange for providing a good or service

• People who make the good

What is the meaning of exchange?

Select TWO answers

• The act of giving and receiving something in return.
• A type of currency exchange rate.
• trade, such as trading goods and services for other goods and services or money

• The process of buying and selling goods without any return.

What is the meaning of economics?

• Economics is the study of animal behavior.
• Economics focuses solely on financial markets.
• Economics is the analysis of historical events.
• Economics is the study of how people and societies make decisions given the resources that they have

What is the meaning of Goods?

• Intangible services that cannot be traded.
• Digital content that cannot be purchased.
• Items that are only available for rent.
• things that you use, buy, or sell

What is the meaning of services

• Services are a type of tangible goods.
• work done by someone for someone else

• Services are only provided by government agencies.
• Services are physical products sold to customers.

What is the meaning of producers?

• people who make something or provide a service

• Non-living entities that provide energy to ecosystems.
• Organisms that produce their own food, such as plants.
• Creatures that only exist in aquatic environments.

What is the meaning of consumers?

• Consumers are people who produce goods.
• Consumers are entities that regulate prices.
• Consumers are individuals or entities that buy goods and services.
• Consumers are individuals who sell services.

What is the meaning of capital resources?

• goods that are used to produce other goods, rather than bought by a consumer; these include machinery, tools, and other equipment

• Capital resources are the labor force involved in production.
• Capital resources refer to natural resources like water and minerals.
• Capital resources are only financial investments.

What is the meaning of natural resources?

Pick TWO answers

• Materials or substances occurring in nature.

• Only found in urban areas.
• Items that are always renewable.
• people who provide their skills and time to do something, such as a job, to contribute to the economic system