Economics Quiz

What do you call someone who buys or uses goods and services?

• Producer

• Consumer

• Manufacturer

• Economist

What is a person or company that makes or provides goods and services called?

• Consumer

• Manufacturer

• Producer

• Economist

What is an organization that provides goods or services to make money?

• Business

• Economy

• Service

• Need

What is something you would like to have but isn’t necessary for survival?

• Need

• Want

• Good

• Service

What is an action or activity that one person does for another, like teaching or fixing a car?

• Good

• Service

• Need

• Want

Which term refers to the choices about using resources like money, time, and materials?

• Economy

• Economics

• Business

• Service

What is the role of a person who tries to understand how people make decisions about resources?

• Consumer

• Producer

• Economist

• Manufacturer

What is an example of a want?

• Water

• Shelter

• New phone

• Food

What is scarcity?

• The amount of a good or service available

• When there isn’t enough of something to meet people’s wants or needs

• How much people want or need a good or service

• A person who starts a business

What is demand?

• The amount of a good or service available

• When there isn’t enough of something

• How much people want or need a good or service and are willing to pay for it

• Man-made items used to produce goods