Definitions of economics

Select the correct answer about what does the economic term means

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Last updated: September 7, 2022

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First submitted	September 7, 2022
Times taken	29
Average score	80.0%
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1. What does Scarcity means?

Things that are necessary for your survival ✓

Things that you desire ✓

Resources provided by nature ✓

Limited resources to satisfy unlimited needs ✓

2. Is Human Labor and Human Resources the same?

Yes ✓

No ✓

Maybe ✓

I don’t know ✓

3. Which images fits better the word Entrepreneur

✓

4. Explain the difference between Needs and Wants

I don’t know ✓

There is no difference ✓

Needs are things that you want meanwhile Wants are the most important things for you ✓

Wants are goods and services which makes us happy, but we can live without it, and Needs are basic goods and services to survive ✓

5. What are Human Resources

People that give resources to humans ✓

People that aren’t capable of working ✓

Members of society that are capable of working ✓

Members of society that take care of people and their needs ✓

6. Which of these answers is not a Natural Resource

Water ✓

Wood ✓

Diamond ✓

Plastic ✓

7. Which answer is a Capital Resource

Human ✓

Factory ✓

Apple ✓

Gold ✓

8. Consumers means people that eat a huge amount of food

True ✓

False ✓

9. Definition of Market

Place to buy food ✓

A soccer stadium ✓

Where consumers and producers exchange a specific good or service ✓

A place where consumers buy products and eat them ✓

10. Efficiency to use limited resources in the production of a good or service

Business ✓

Production ✓

Financial Resourced ✓

Taxes ✓

11. What is inflation

When you eat to much food ✓

Argentina ✓

The constant increase of the price ✓

When a balloon increases size ✓

12. Definition of equilibrium price

A price where producers gain yo much money ✓

A price where consumers are happy to buy and producers are happy to sell ✓

All prices in market ✓

A price where consumers are happy to buy ✓

13. Which image represents best the word Money

✓

All of them ✓

14. A zoo keeper can be an entrepreneur

False ✓

True ✓

15. What are Taxes

A kind of animal ✓

A fraud ✓

A payment to the government so that they can improve the conditions of a country ✓

A vehicle ✓

16. Consumers of goods and services

Economy ✓

Taxes ✓

Demand ✓

Household ✓

17. Which of these options has a fair price

A wooden chair for 890 dollars ✓

A pack of six bottles of water for 3 dollars ✓

A small toy for 120 dollars ✓

An eraser for 20 dollars ✓

18. Households is a place where consumers physically live

True ✓

False ✓

19. Is a toy a Need or a Want

A Want ✓

A Need ✓

Both ✓

None ✓

20. Which definition suits the best, Economics

Government ✓

Money ✓

A social study ✓

A Social Science that deals with limited resources to satisfy unlimited needs and wants ✓

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