Economics Quiz

Any human made(manufactured) resource that is used to produce other goods and services.

• Capitol

• Scarcity

• Self-Interest

• Supply

When people do not have and cannot have enough income, time, and other resources to satisfy their every want and desires, this is known as in economics

• Command

• Market

• Scarcity

• Self Interest

The amount of a good or service that a consumer is willing and able to buy at various possible prices

• Capitol

• Market

• Demand

• Supply

These are expenses that DO NOT CHANGE on a weekly or monthly basis and are required to be paid.

• Essential Variable Expenses

• Essential Fixed Expenses

• Credit

• Non Essential Expenses

A charge against a bank account or a card that uses your own money from a checking account

• Debit

• Credit

• Self-Interest

An Economic system in which the government controls all sectors of the economy

• Command

• Socialism

• Market

• Capitalism

This economic principle states that producers and consumers always try to do what is BEST for them

• Capitol

• Scarcity

• Self-Interest

• Supply

Amount of a good or service that a producer is willing to sell at each particular price

• Capitol

• Scarcity

• Supply

• Self-Interest

This principle allows consumers to trade products they would normally buy for a cheaper alternative

• Substitution

• Self-Interest

• Supply

• Demand

These are expenses that are required to be paid but the value CAN CHANGE from month to month depending on usage.

• Essential Variable Expenses

• Essential Fixed Expenses

• Non Essential Expenses

• Credit