Economics Quiz for Grade 8

What is the study of how people make choices to satisfy their needs and wants?

• Physics

• Economics

• Biology

• Chemistry

What are things we must have to survive?

• Wants

• Goods

• Needs

• Services

What term describes physical items that can be bought or sold?

• Goods

• Services

• Needs

• Wants

What is the term for actions or activities done for others?

• Goods

• Services

• Wants

• Needs

What is it called when there are limited resources to meet unlimited wants?

• Deficit

• Surplus

• Scarcity

• Abundance

What is the next best alternative that is given up when a choice is made?

• Opportunity Cost

• Profit

• Income

• Wage

What is the amount of a good or service that producers are willing to sell at different prices?

• Equilibrium

• Supply

• Demand

• Market

What is the amount of a good or service that consumers are willing to buy at different prices?

• Demand

• Equilibrium

• Market

• Supply

What is the price at which supply equals demand?

• Surplus

• Deficit

• Equilibrium

• Profit

What is a place where buyers and sellers exchange goods and services?

• Foreign Market

• Finance Sector

• Government

• Market