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Economics for IGCSE
Economics for IGCSE
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# Economics Test to introduce demand and supply
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
Which of the following is not a factor of production
Limited liability
Labour
Enterprise
Land
2
Human effort applied in production for a reward is ...
Labour
Capital
Land
Enterprise
3
Good or service used to produce another good or service is known as ...
Capital
Needs
Production
Labour
4
The quantity of goods consumers are willing and able to buy is?
A luxury
Demand
Supply
Resources
5
An increase in the price of a substitute will...
Shift supply curve to the right
Shift supply curve to the left
Shift demand curve to the left
Shift demand curve to the right
6
Which of the following is not a characteristic of a human want?
Limited in number
Competitive
Require resources to satisfy them
Recuring
7
The quantity of goods that buyers are willing and able to sell is...
Choice
Supply
Not correct
Demand
8
Factors of production are also known as ...
Capital
Determinants
Resources
Output
9
The benefits of the next best foregone is the definition of?
Human wants
Choice
Scarcity
Opportunity cost
10
Change in quantity demanded caused by a fall in income can result in
movement to the left
movement to the right
shift to the left
shift to the right
