Economics Quiz
Quiz by Nadir Ahmad
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33 questions
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- Q1Something like air, food, or shelter that is necessary for survival.Need30s
- Q2An item that we desire but that is not essential to survival.Want30s
- Q3The study of how people seek to satisfy their needs and wants by making choices.Economics30s
- Q4Things that are made or grown and then sold.Goods30s
- Q5An activity that a business or person trades for payment.Services30s
- Q6When there is a small amount of something available.Scarcity30s
- Q7A situation in which a good or service is unavailable.Shortage30s
- Q8Natural resources that are used to make goods and services.Land30s
- Q9The effort that people devote to a task for which they are paid.Labor30s
- Q10Any human-made resource that is used to create other goods and services.Capital30s
- Q11All human-made goods that are used to produce other goods and services; tools and buildings.Physical Capital30s
- Q12The skills and knowledge gained by worker through education and experience.Human Capital30s
- Q13Ambitious leader who combines land, labor, and capital to create and market new goods and services.Entrepreneur30s
- Q14A ____________________ is when you have to give up some amount of one thing to get something else you wantneedTrade-offdemandwant30s
- Q15The most desirable alternative given up as the result of a decision.Opportunity Cost30s