Economics Quiz

What is the study of how people choose to use their limited resources to satisfy their unlimited wants?

• Scarcity

• Economics

• Socialism

• Command economy

What term describes things we can touch or hold?

• Services

• Goods

• Resources

• Scarcity

What is the term for work that is done for us?

• Goods

• Services

• Resources

• Trade-off

What is the term for things used to make goods or services?

• Resources

• Scarcity

• Economics

• Opportunity cost

What describes a situation where one does not have enough resources to satisfy all of one's wants and needs?

• Trade-off

• Scarcity

• Benefit-cost analysis

• Socialism

What is the alternative you face when you decide to do one thing rather than another?

• Opportunity cost

• Trade-off

• Scarcity

• Command economy

What is the cost of the next best use of time or money when choosing to do one thing rather than another?

• Opportunity cost

• Trade-off

• Scarcity

• Benefit-cost analysis

What is the economic decision-making model that divides the total benefits by the total costs?

• Economic system

• Benefit-cost analysis

• Command economy

• Socialism

What is a nation's way of producing and distributing things its people want and need?

• Economic system

• Traditional economy

• Command economy

• Communism

What is the economic system in which the decisions of WHAT, HOW, and FOR WHOM to produce are based on traditions or customs?

• Command economy

• Traditional economy

• Socialism

• Communism