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

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

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