WorksheetsEconomy: Markets Quiz
Total questions: 15
Worksheet time: 8mins
What is a market?
A place where people meet for social gatherings
A place where people go shopping for groceries
A place where buyers and sellers exchange goods and services
A place where people go to watch movies
What are the factors of production?
Books, clothes, and furniture
Cars, computers, and smartphones
Natural resources, labour, capital, and entrepreneurship
Water, air, and sunlight
What do natural resources refer to?
Machines, tools, and buildings
Human effort put into production
Water, arable land, mineral deposits, and the environment
Money and investments
What does labour refer to?
Machines, tools, and buildings
Human effort put into production
Water, arable land, mineral deposits, and the environment
Money and investments
What is entrepreneurship?
People who invest in stocks
People who work in offices
People who take calculated risks and seize opportunities
People who build machines
What does capital comprise of?
Machines, tools, and buildings
Human effort put into production
Water, arable land, mineral deposits, and the environment
Money invested by owners into the business
What is the price of labour in the factor market?
Rent
Wages and salaries
Interest
Profit
What is the labour market?
A market for buying and selling land
A market for trading labour services
A market for buying and selling capital
A market for trading goods and services
What is a financial market?
A market for trading goods and services
A market for buying and selling land
A market for trading labour services
A market for lending and borrowing to finance purchases
What do households offer in the factor market?
Machines, tools, and buildings
Money and investments
Natural resources, labour, capital, and entrepreneurship
Goods and services
What is the product market?
A market for buying and selling land
A market for trading labour services
A market for trading goods and services
A market where finished goods and services are bought and sold
What determines the prices of factors in a factor market?
Global trade agreements
Weather conditions
Government regulations
Supply and demand
Where do resource owners get money to buy goods and services?
From government subsidies
From selling their resources in the factor markets
From borrowing money from banks
From winning the lottery
How are business firms connected to factor and product markets?
They only operate in product markets
They only operate in factor markets
They sell in factor markets and buy in product markets
They buy in factor markets and sell in product markets
Why is interdependence important in a market economy?
To increase government control
To promote self-sufficiency
To reduce competition
To show how people specialize and trade in markets
