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This quiz examines key concepts in economics, focusing on market economies, the role of the Federal Reserve, economic security, equilibrium price, human capital, business organizations, opportunity cost, command economies, and distinctions between microeconomic calculations.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

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introduction to business

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

Test your Economics Vocabulary! Explore trade, currency, supply, and demand. Take the Economics Vocabulary quiz and expand your knowledge now!

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

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Something we desire but that is not necessary for survival: Want . Something essential for survival: Need. Physical objects that someone produces: Good. An action or activity that one person performs for another: Service. SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource: Oil. SELECT ALL THAT APPLY: "Ozark" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______: Want. The fact that there are limited amounts of goods and services to meet unlimited wants is called:: Scarcity. Economics is the study of how people seek to satisfy their needs and wants by making choices: True. Scarcity forces us to make economic decisions: True

This Economics term refers to the things you use to create goods and services: Resources. When "wants are greater than the resources available to satisfy them," it is called..: Scarcity. Because of scarcity, people are forced to make _________ about how to use resources: Choices. Gurnee has 2 acres of unused land. They choose to build another chicken restaurant. Which option would NOT be considered a logical Opportunity Cost of that choice: Giving WTHS students fancier Chromebooks.

In pure competition, a large number of suppliers offer very similar products.  : True. A business in monopolistic competition has no control over price if it wants to sell its products.  : False. In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.  : True. A cable television company usually operates in a pure competition environment.  : False. The airline industry is an example of an oligopoly.  : True. The most common type of economic competition facing most businesses is pure competition.  : False. Businesses in monopolistic competition should focus on making their products different from and better than competitors' products: True. Each product in a specific market has its own supply and demand curves.  : True. The market environment in which a business without competitors operates is : a monopoly . The market environment in which most retail businesses operate is : monopolistic competition. As a consumer, you will usually choose the  : option providing the most satisfaction at the best value  . In a market where demand exceeds supply  : all are correct 

Economics is the study of how people choose to use their limited ____________________ to satisfy their unlimited wants. : Resources. The goal of ___________ Economics is to advise how things ought to be done: Normative . __________is the condition that results because people have limited resources but unlimited wants: scarcity. _______________________ Economics is tangible:  So, it can be substantiated by FACTS. : Positive Economics. Whenever you choose one thing over another, you are make a ___________. : tradeoff. A ___________________ is a way to compare the costs of an action with the benefits of that action.  If benefits exceed costs, then the action is worth taking:

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Economics is: The study of choices. The Opportunity Cost can best be described as: The value lost of the next best alternative choice you could have made. Scarcity is the economic law that needs and wants are ________________ but resources are ________________: . Good economic decisions are made when the benefits of a choice are greater than the: costs. The opportunity cost of spending on the military are all of the following EXCEPT: longer summer daylight hours. In order to have everything we could ever want we would need: unlimited resources. In economics, incentives are used to: influence the choices people make. Incentives often backfire because they rely on predicting how people will behave. For example, an incentive to pay teachers based on the number of students who get A's would likely result in : teachers giving all students A's. A producer asking the question, "Should we use glass or interchangeable plastic on the face of our new phone?" is a: microeconomic question. Lawmakers asking the question "Will cutting taxes end the current recession?" is a: macroeconomic question

This part of the market determines DEMAND: buyers. This part of the market determines SUPPLY: sellers. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. When quantity supplied and quantity demanded is equal: equilibrium. If a price is above equilibrium price, it creates a..: surplus. If a price is below the equilibrium price it creates a..: shortage. What does this curve represent: supply. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. The point in the middle of the two curves represents or shows....: Market Equilibrium. Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges: The price will go up.. Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons: The price will go down.. New technology advances the rate at which furniture can be assembled. Why does this change the supply: There is a change in cost of production.. Which statement expresses a central idea of how the laws of supply and demand work: Prices are determined by the interaction of producers and consumers.. When companies compete in a market economy, what is usually the result: Consumers are able to buy goods for the best available price.. If the price of a substitute to good X increases, then: The demand for good Y will increase. . If the demand for X decreases, then the demand for the complementary good Y will..: Decrease. When the supply of a product or service goes up and the demand stays the same the Price will typically do what? : fall. Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? : The demand for tickets was greater than the supply.. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. What is the equilibrium quantity in this graph: 600. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . Change in quantity demanded due to a change in price that alters a consumers real income : income effect . In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly: inelastic. When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly: elastic

Explore basic economics! Test your knowledge of goods, services and bartering in this quiz. Start your economic journey now!

Test your knowledge about Supply and Demand! Learn economics basics with this quiz. Understand elasticity, costs, and more today!

Test your knowledge of Economics! Learn about supply, demand, scarcity and production in this quiz. Start your economic journey now!