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Economics: Basic Concepts - Statistics

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  • This quiz has been taken 1,536 times
  • The average score is 7 of 15
Answer Stats
Hint Answer % Correct
Social Science that deals with scarcity and how society allocate needs and wants. Economics
81%
A group of buyers and sellers that interact to trade goods and services. Market
78%
Branch of economics that studies the economy as a whole such as GDP, unemployment, economic growth and government policies. Macroeconomics
67%
The highest-valued alternative that must be given up to engage in an activity. Opportunity Cost
66%
Branch of economics that studies how households and firms make decisions in a market. Microeconomics
65%
Combination of desire and willingness to buy a product. Demand
61%
A situation in which unlimited wants exceed the limited resources available to fulfill those wants. Scarcity
55%
A situation in which the quantity supplied is greater than the quantity demanded. Surplus
51%
Schedule of quantities offered for sale at all possible prices in a market. Supply
50%
The act of buying and selling. Trade
49%
A situation in which the quantity demanded is greater than the quantity supplied. Shortage
40%
Someone who operates a business, bringing together the factors of production—labor, capital, and natural resources—to produce goods and services. Entrepreneur
34%
Resources owned by businesses or households such as equipment, buildings, supplies, cash, etc.. Assets
30%
An economy in which the decisions of households and firms interacting in markets allocate economic resources. Market Economy
19%
An economy in which the government decides how economic resources will be allocated. Centrally Planned or Controlled Economy
0%
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