Economic Concepts Quiz

What is the system a country uses to distribute goods and services called?

• Scarcity

• Economy

• Abundance

• Trade

What term describes a shortage of available resources versus the wants and needs of people?

• Abundance

• Consumer

• Scarcity

• Service

Who is a person that buys and uses goods?

• Executive

• Consumer

• Judicial

• Legislative

What are economic acts people perform for others that do not involve production of goods?

• Trade

• Needs

• Service

• Wants

What are natural resources?

• Items such as food, water, and shelter

• Things people like to have but do not need

• Something found in nature valuable to humans

• The act of buying or selling goods

What is the act or process of buying or selling goods within a country or between countries?

• Trade

• Economy

• Scarcity

• Abundance

What are items such as food, water, and shelter that we need for survival called?

• Wants

• Needs

• Services

• Natural Resources

What are things that most people like to have but do not need to survive?

• Needs

• Services

• Wants

• Natural Resources

Which branch of government is overseen by the President and makes sure people follow the laws?

• Judicial

• Legislative

• Executive

• Economic

Which branch of government helps people solve arguments and is made up of court judges?

• Executive

• Judicial

• Legislative

• Economic