Economics Quiz

Match the word with the definition

• the difference between when a product is sold and the amount it cost to produce the product

• profit

• how much of something is available

• supply

• how much of something people want

• demand

• the cost of giving something up to buy or do something else instead

• natural resources

• things found in nature that we use in production

• opportunity cost

Match the following word to the correct definition.

• work that a person does for someone else

• interdependence

• people who take risks to start a business

• scarcity

• the dependence of producers and consumers on each other for goods and resources

• human resources

• the people who produce goods and give services

• entrepreneur

• when the supply of a good or service is not enough to meet the demand for it

• service

A person who takes a risk to start their own business

• human resource

• entrepreneur

• capital resource

• profit

The difference between the amount of money made from selling a product and the amount it cost to produce the product.

• interdependenci

• demand

• profit

• supply

When the supply of a good or service is not enough to meet the demand for it.

• Interdendence

• Scarcity

• Specialization

• Profit

Business that sell just one type of product or provide one type of service.

• specialization

• scarcity

• human resource

• supply

The amount of quantity of an item that is available.

• profit

• scarcity

• human resource

• supply

The reliance (dependence) of producers and consumers on each other for goods and services.

• entrepreneur

• specialization

• interdependence

• scarcity

When consumers have a need or want for an item.

• demand

• specialization

• opportunity cost

• profit

Nickel, gold, trees, silver, coal and oil are examples of:

• human resources

• natural resources

• capital resources