Economics

Which of the following is NOT a basic need?
1. food
2. clothing
3. TV
4. shelter
Which of the following is NOT a want?
1. Play Station
2. basketball
3. toys
4. shirt
Coins, paper bills, and checks used to exchange for goods and services are called what?
1. goods
2. services
3. money
4. savings
Money put away to keep or spend later is called what?
1. money
2. savings
3. goods
4. services
Things that people make or grow that can be purchased and are used to satisfy people's needs and wants are what?
1. goods
2. services
3. savings
4. money
Activities that satisfy people's needs and wants are called what?
1. goods
2. services
3. consumers
4. producers
To trade, or exchange goods and services without the use of money is called what?
1. needs
2. wants
3. barter
4. money
A person who uses money to purchase goods or services is called a what?
1. seller
2. buyer
3. good
4. service
A person who sells goods and services is called what?
1. seller
2. buyer
3. good
4. service
Not being able to meet all of the wants at the same time, or not enough, is called _____.
1. scarcity
2. consumer
3. producer
4. goods
People who use goods and services, or the buyer, is called a _____.
1. consumer
2. producer
3. good
4. service
People who use resources to MAKE goods and provide services are called _____.
1. consumers
2. producers
3. good
4. service
Materials that come from nature (water, soil, wood, coal) are called _____.
1. Human resources
2. Capital resources
3. Natural resources
4. Services
People working to produce goods and services are called _____.
1. Services
2. Natural resources
3. Capital resources
4. Human resources
Goods made by people and used to produce other goods and services (machines, tools, buildings) are called _____.
1. Capital resources
2. Services
3. Human resources
4. Natural resources
Things that people make or use to satisfy needs and wants are called _____.
1. producers
2. consumers
3. goods
4. services
Activities that satisfy people's needs and wants are called _____.
1. producers
2. consumers
3. goods
4. services
The choice of, or decision among, alternatives or possibilities is called _____.
1. producing
2. consuming
3. economic choice
4. opportunity cost
The next best choice that is given up when a decision is made is the _____.
1. goods
2. services
3. economic choice
4. opportunity cost
Focusing on one product or service is called _____.
1. economic specialization
2. economic interdependence
3. goods
4. services
Two or more people depending on each other for goods and services is called _____.
1. economic specialization
2. economic interdependence
3. goods
4. services
When you compare both the opportunity cost and the monetary cost of choices with benefits it is called _____.
1. economic decision making
2. economic specialization
3. economic interdependence
4. economic money
You are at the store and you have enough money to buy EITHER a toy or your favorite video. You decide to buy the video. The toy is your _____.
1. service
2. natural resource
3. producer
4. opportunity cost
You get $10 for doing your chores. You can EITHER spend it now, or save it for the future. You decide to spend it now. What is your opportunity cost?
1. the item you buy now
2. doing your chores
3. spending it now
4. saving for the future
You have enough money to buy ice cream OR popcorn, but not both. You decide to buy the ice cream. What is your opportunity cost?
1. ice cream
2. popcorn
3. the money
4. your choice

Economics

Quiz