WorksheetsEconomics Quiz
Total questions: 20
Worksheet time: 10mins
What is the study of how people, businesses, and governments make choices about using resources like money, time, and materials?
Economy
Economics
Business
Manufacturing
Who is a person that studies economics and tries to understand how economies work?
Consumer
Economist
Producer
Manufacturer
What do you call someone who buys or uses goods and services?
Producer
Manufacturer
Consumer
Economist
What is an organization that provides goods or services to make money?
Business
Consumer
Service
Need
What is something that is essential for survival, like food, water, and shelter?
Want
Need
Good
Service
What is an action or activity that one person does for another, like teaching or fixing a car?
Good
Service
Need
Want
What is the name of a person who tries to understand how people make decisions about resources?
Producer
Economist
Consumer
Manufacturer
What is the term for a person or company that provides goods and services?
Consumer
Producer
Business
Economist
What is the term for an organization that aims to make money by providing goods or services?
Manufacturer
Business
Economy
Service
What is scarcity?
The amount of a good or service available
When there isn’t enough of something to meet people’s wants or needs
How much people want a good or service
A person who starts a business
What is demand?
The amount of a good or service available
How much people want or need a good or service and are willing to pay for it
A person who starts a business
Man-made items used to produce goods
Who is an entrepreneur?
A person who starts a business and takes risks to make a profit
A person who works in a factory
A person who lends money
A person who buys goods
What are natural resources?
Man-made items used to produce goods
Things found in nature that people use to produce goods
The people who work to produce goods
Money borrowed from a bank
What are capital resources?
The people who work to produce goods
Things found in nature
Man-made items that are used to produce goods or provide services
Money owed to someone else
Which of the following is NOT a factor of production?
Land
Labor
Debt
Capital
What is the term for the amount of a good or service that producers are willing to sell at a given price?
Demand
Supply
Scarcity
Capital
What do you call the cost of the next best alternative that is given up when making a choice?
Opportunity cost
Fixed cost
Variable cost
Marginal cost
What is the term for a market structure where a single seller controls the entire market for a good or service?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
What is the correct term for money that is owed to another person, or organisation?
Credit
Finance
Tax
Debt
What do you call an agreement where a person can purchase goods or services now and pay for them later?
Scarcity
Debt
Credit
Capital resources
