Commerce Plaza Economic Vocabulary Quiz

What is the study of making, buying, and selling goods or services?

• History

• Economics

• Geography

• Biology

Which of the following is a need for survival?

• Toys

• Movie tickets

• Food

• Video games

What is a want?

• Something not necessary for survival

• Food

• Clothing

• Shelter

What are resources?

• Things you can't afford

• Things you need to survive

• What is available to you as a consumer

• Things you want to buy

When are resources limited and not many are left?

• Abundance

• Excess

• Plenty

• Scarcity

What are goods?

• Things we use in our daily life

• Things we don't need

• Things we don't like

• Things we can't afford

What are services?

• Things we buy

• Things we use in our daily life

• Things we don't need

• When someone else does the work for us

What is distribution?

• The storage of goods

• The purchase of goods

• The production of goods

• The delivery of goods to the consumer

What is consumption of goods?

• When goods are distributed

• When goods are stored

• When a producer makes goods

• When a consumer buys and uses a product

What is supply in economics?

• When goods are not available

• When goods are scarce

• When manufacturing produces goods for consumers

• When consumers want goods