Introduction to Economics Quiz

What are touchable items that can be bought or sold?

• Services

• Goods

• Capital

• Supply

What term describes intangible actions people perform to help others?

• Goods

• Industry

• Services

• Demand

What includes all the businesses that are related to the same good or service?

• Economy

• Industry

• Capital

• Surplus

What are objects used to make a product or perform services?

• Goods

• Capital

• Services

• Supply

Who is a person that risks starting a business to earn a profit?

• Entrepreneur

• Consumer

• Supplier

• Developer

What describes the way goods and services are made, sold, and used in a society?

• Economy

• Industry

• Market Equilibrium

• Scarcity

What is the term for the quantity of something that producers have available for sale?

• Demand

• Supply

• Surplus

• Scarcity

What is the desire consumers have for buying a good or service?

• Supply

• Demand

• Capital

• Industry

What is the price point where supply and demand are equal?

• Surplus

• Scarcity

• Market Equilibrium

• Economy

What occurs when a limited supply of a good or service is available for sale?

• Surplus

• Scarcity

• Demand

• Supply