Microeconomics examines the cause-and-effect relationships that ... choices of individuals, business firms and society.
The Basic Terms of Economics

Quiz
•
Business, English
•
10th - 12th Grade
•
Medium
Beatrix Szabó
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is the odd-one-out if we talk about microeconomics?
Scarcity
Consumption
Unemployment
Opportunity costs
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
High unemployment shouls be turned into low unemployment is a ... goal.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the act of using resources to satisfy current needs and wants.
Substitute
Production
Opportunity cost
Consumption
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When supply of a resource cannot meet demand.
Scarcity
Factors of production
Opportunity cost
Debt
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are similar to product markets but refer to the components that are required for production, not just the products.
Households
Producers
Consumers
Resource market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production?
Labour, land, capital, entrepreneurship
Consumers, Producers
Households, companies
Supply and demand
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