HKA Grade 10 Economics Quiz 1

The study of how markets can satisfy unlimited wants and needs with limited resources.

• Economics
• Economy
• Economic Systems
• Economic Problem

The study of the interactions between humans, institutions, organisations, and the natural and social environment we inhabit.

• Social Science
• Economics
• Psychology
• Anthropology

The state of being in short supply; when something is limited in supply, yet in demand

• Scarcity
• Over Supply
• Decreased Demand
• Supply & Demand

The resources required to produce goods and services e.g.: Land, Labour, Capital (Entrepreneurship).

• Factors of Production
• Markets
• Economic Systems
• Efficiency

Gifts of Nature' - Raw materials, Crops, wood, minerals, oil, coal, gas, water.

• Land
• Labour
• Capital
• Entrepreneurship

All human exertion in the production of goods and service.

• Land
• Labour
• Capital
• Entrepreneurship

Tools and technologies used to produce goods; money is also an example of this.

• Land
• Labour
• Capital
• Entrepreneurship

The process of starting a business or other organization. The entrepreneur develops a business action plan, is in charge of acquiring resources and is responsible for its success or failure.

• Land
• Labour
• Capital
• Entrepreneurship

A system of interactions between individuals in a geographical area (village, town, state, national or international) that brings together those involved in the production, distribution, exchange and consumption of resources, goods and services of that area.

• Economy
• Economics
• Economic Systems
• Economic Problem

Author of The Wealth of Nations (1776); Father of modern economics.

• Adam Smith
• Karl Marx
• Milton Friedman
• David Ricardo