Economics
  • 1. Which of the following is a need?
A) bike
B) food
C) toys
D) roller skates
  • 2. What is a producer?
A) Someone who makes things and sells them
B) Someone who buys things
  • 3. Where do natural resources come from?
A) school
B) nature
C) man
D) factories
  • 4. A person who starts a business.
A) historian
B) entrepreneurs
C) industry
D) settlement
  • 5. Businesses that provide a certain product or service.
A) statehood
B) manufacturing
C) industry
D) settlement
  • 6. Depending on one another.
A) incentive
B) choice
C) interactions
D) interdependence
  • 7. The cost of passing up the next best choices when making a decision
A) opportunity costs
B) taxes
C) choice
D) economics
  • 8. To limit ones attention to one business, subject, or study
A) manufacturing
B) specialization
C) scarcity
  • 9. This means not plentiful.
A) scarcity
B) adapt
C) specialization
  • 10. Money collected by the government from people or businesses for public use
A) economy
B) taxes
C) scarcity
  • 11. When people give up something in order to get something else is called this.
A) taxes
B) trade off
C) scarcity
D) economy
  • 12. What kind of resource is a raw material?
A) natural
B) capital
C) human
  • 13. Trade with other countries is called this.
A) economy
B) international
C) specialization
  • 14. Wants are things people want and can not always get. To get these people must make
A) natural resources
B) economic choices
C) advertising specials
  • 15. The cost of passing up the next best choice when making a decision
A) economics
B) taxes
C) opportunity costs
  • 16. Things that people make or use to satisfy needs and wants are called this
A) producers
B) goods
C) services
  • 17. A person who makes goods and services is called this
A) consumer
B) services
C) producer
  • 18. A person who uses or buys goods and services is called this
A) services
B) producer
C) consumer
  • 19. When we can't have everything you want you have to make this
A) money
B) choice
C) checks
  • 20. Which of the following is not a type of resources?
A) natural
B) capital
C) scarcity
D) human
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Answer Key

1.B   2.A   3.B   4.B   5.C   6.D   7.A   8.B   9.A   10.B   11.B   12.A   13.B   14.B   15.C   16.B   17.C   18.C   19.B   20.C  

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