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Definitions of economics

Select the correct answer about what does the economic term means
Quiz by Pineapple999
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Last updated: September 7, 2022
First submittedSeptember 7, 2022
Times taken8
Average score85.0%
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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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