Basics of Economics

10 Questions

Match the following economic terms with their definitions:

Producer = Makes goods and/or provides services Consumer = A person or business that buys a good or service Scarcity = Not enough resources to produce or purchase all the goods and services that people want or need Economy = The careful use of money, resources, and means of production

Match the following types of resources with their definitions:

Natural Resources = Resources that occur naturally in and on the earth that are used to produce goods and services Human Resources = People performing mental or physical work to produce goods and services Capital Resources = Man made goods that are produced for the purpose of producing other goods and services Goods = Something that has been made or grown

Match the following examples with the correct type of resource:

Doctors, teachers, trash haulers = Human Resources Wood, oil, lead, water = Natural Resources Machines, computers, buildings, tools = Capital Resources A person who takes the risk and gathers the resources to provide a new or improved good or service to the marketplace = Entrepreneur

Match the following terms with their definitions:

Services = An action that a person does for someone else Entrepreneur = A person who takes the risk and gathers the resources to provide a new or improved good or service to the marketplace Opportunity Cost = The cost of the next best alternative that must be forgone as a result of a decision Economy = The careful use of money, resources, and means of production

Match the following economic terms with their definitions:

Scarcity = Not enough resources to produce or purchase all the goods and services that people want or need Goods = Something that has been made or grown Consumer = A person or business that buys a good or service Producer = Makes goods and/or provides services

Match the following terms with their definitions:

Producer = Makes goods and/or provides services Consumer = A person or business that buys a good or service Goods = Something that has been made or grown Services = An action that a person does for someone else

Match these economic terms with their definitions:

Economy = The careful use of money, resources, and means of production Scarcity = Not enough resources to produce or purchase all the goods and services that people want or need Opportunity Cost = The cost of the next best alternative when making a decision Natural Resources = Resources that occur naturally in and on the earth that are used to produce goods and services

Match the following types of resources with examples:

Natural Resources = Wood, oil, lead, water Human Resources = Doctors, teachers, trash haulers Capital Resources = Machines, computers, buildings, tools

Identify the term for the following definitions:

A person who takes the risk and gathers the resources to provide a new or improved good or service to the marketplace = Entrepreneur Man made goods that are produced for the purpose of producing other goods and services = Capital Resources People performing mental or physical work to produce goods and services = Human Resources Resources that occur naturally in and on the earth that are used to produce goods and services = Natural Resources

Match the following terms with their definitions:

Entrepreneur = A person who takes the risk and gathers the resources to provide a new or improved good or service to the marketplace Natural Resources = Resources that occur naturally in and on the earth that are used to produce goods and services Human Resources = People performing mental or physical work to produce goods and services Capital Resources = Man made goods that are produced for the purpose of producing other goods and services

Test your knowledge on the basics of economics with this quiz! From understanding the roles of producers and consumers, to differentiating between goods and services, this quiz covers essential concepts such as the economy and scarcity. Challenge yourself to identify different types of natural resources and how they contribute to the production of goods and services.