Economics Quiz for Grade 12

What is the study of how people make choices about using limited resources to satisfy their wants and needs called?

• Economics

• Scarcity

• Microeconomics

• Macroeconomics

Which term describes the basic economic problem that resources are limited while human wants are unlimited?

• Supply

• Scarcity

• Trade-Off

• Opportunity Cost

What is the value of the next best alternative that you give up when choosing one option over another?

• Trade-Off

• Opportunity Cost

• Scarcity

• Incentive

Which term refers to giving up one thing to get something else?

• Demand

• Scarcity

• Opportunity Cost

• Trade-Off

What are the inputs used to produce goods and services called?

• Resources

• Markets

• Services

• Goods

Which of the following is an example of a natural resource used in production?

• Entrepreneurship

• Land

• Labor

• Machines

What term describes the physical and mental effort people use to produce goods and services?

• Capital

• Labor

• Entrepreneurship

• Supply

Which of the following is an example of capital in production?

• Forests

• Tools

• Workers

• Markets

Who is a person that takes risks to start and run a business, combining resources to create products?

• Supplier

• Entrepreneur

• Consumer

• Producer

Which term refers to physical products that can be touched and used?

• Services

• Goods

• Resources

• Markets