Economics is the study of:

How people choose what to use their limited resources on

What we give up when choosing an option

There are four types of resources (factors of production) that make all our goods and services:

Labour, land, capital and enterprise

Minerals and resources that land gives

A producer and a consumer is:

A producer makes things while a consumer uses things.

The difference between a good and a service is:

A good = physical item and a service = something done for us

Your favourite teacher is:

Mr Jefferies, Ms Kavanagh, Ms Walton, Ms Norton

When there's not enough of something

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Economics Quiz

11 termsStudBud Administration10 plays

An introduction to the basics of economics, specifically with a focus on definitions.

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Questions 11

Answers

1
Economics is the study of:
How people spend their money
How people choose what to use their limited resources on
People and their ideas and beliefs
The study of trading and businesses
2
Opportunity Cost is:
How much opportunities cost us
What we give up when choosing an option
The cost of living
Taking our opportunities with open hands
3
There are four types of resources (factors of production) that make all our goods and services:
Capital, labour, money and business
Labour, land, capital and enterprise
Land, buildings, money and labour
Enterprise, Land, weather and resources
4
Land refers to:
The visible features of land
The climate and how land looks
Minerals and resources that land gives
People who farm
5
An example of a need is:
Laptop
Car
Clothing
Chocolate
6
A producer and a consumer is:
A producer makes things while a consumer uses things.
A producer creates ideas and a consumer consumes things.
A consumer eats a lot and a producer makes things.
A consumer makes things while a producer uses things.
7
The difference between a good and a service is:
Good = something good for us and a service = a service done
A service = something done for us and a good = physical item
A good = physical item and a service = something done for us
Service = When we have servants Good = an item that's good
8
Your favourite teacher is:
Mr Jefferies
Ms Kavanagh
Ms Walton
Ms Norton
9
Which of the answers below is NOT a service
Getting picked up from school
Getting checked by the doctors
Getting an education
Getting food from the fridge
10
The acronym that describes the Circular Flow of Income is:
SPY
SCI
SPI
PIC
11
Scarcity is:
When there's too much of something
The name of a city
When we don't use enough of something
When there's not enough of something

Economics Quiz Flashcards | StudBud