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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

Desires for things that we may or many not actually require: Wants. Something that is required for survival: Needs. Desires for such things as sports equipment, cars, haircuts, etc. That you will need to spend money on: Economic Wants. Wants that can be satisfied without spending money: Noneconomic Wants. Items that you spend money on that must be a physical object, must be useful, and must be scarce: Economic Good. Productive act that satisfy economic wants: Economic Service. A thing that is perceptible by touch: Tangible. There is not enough of it so that anyone and everyone can freely have as much as they want: Scarce. People who use goods and services: Consumers. Finding out exactly what consumers want: Market Rearch. The People who make or provide goods and services: Producer. These products are used in the operation of a business but are not used in the actual production of a good or service. i.e. computers, forklifts, telephones: Equipment. These products are constantly being purchased and used up in the operation of a business: Supplies. the basic material from which a product is made: Raw Materials. Items purchased quickly and without much thought or effort: Convenience Products. Items such as bread and milk: Staple Items. Items such as candy bars at the checkout counter: Impulse Items. Items with special or unique characteristics that consumers are willing to exert special efforts to obtain: Specialty Products. Items bought out of adversity instead of desire: Unsought Products. These items become part of a finished product after they have been processed: Materials. These items become part of a finished product, but do not need any additional processing. Examples include bolts, screws, and tires: Parts

This quiz explores concepts of resources, demand, supply, scarcity, economic systems (command, market, mixed, traditional), and their impacts on pricing and decision-making in various scenarios.

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

Which of the following characteristics does NOT describe a developing nation: Strong infrastructure. The three main characteristics of this economic systems are private property, profit motive and a free, competitive marketplace: Market. Which of the following does NOT reflect a country's level of economic development: Economic system. Inadequate housing, poor health care, and political instability are all characteristics of which level of economic development: . Which of the following is NOT a factor of production: Economic resources. True or False: When a country has an unfavorable balance of trade it must use future income to pay for current and past spending: True. Because they have an abundance of oil, Saudi Arabia has a _______ in oil production: Absolute advantage. Going to college and giving up the opportunity to earn money at a job right now is an example of which economic principle: Opportunity Cost. A country deciding whether to produce its own food or import agricultural products is an example of which economic principle: Scarcity. True or False: Economics is all about money: True. The market sets price using which economic principle: Supply & Demand. In this type of economic system, the government regulates the amount, distribution and price of everything produced: Command. This metric of economic progress is important because no money means no purchases and a strong economy relies on a constant flow of money: Unemployment Rate. Target running out of a popular video game during the holiday season is an example of which economic principle: Shortage. Which of the following does NOT influence a country's balance of trade: Natural resources. Which of the following would be the best example of forming an economic community between countries: . Norway's exports in 2019 were $185.101 billion, and imports were $158.037 billion. Which of the following best describes their balance of trade: Trade surplus of $27.064 billion

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 

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

Which economic indicator is best described as Gross National Product minus inflation and depreciation: Net National Product. Gross domestic product is equal to the market value of all final goods and services:: produced domestically during a period.. Which of the following expenditures would not be included in GDP: Purchase of a silver cup previously sold new in 1950.. Personal consumption expenditures include:: all goods and services bought by households.. In the circular flow model,: money flows from the households to the firms through the product market.. All final goods and services that make up GDP can be expressed in the form:: . Personal income minus personal taxes is:: disposable personal income.. The period between the peak and the trough is the _____; the period between the trough and the peak is the _____: recession; expansion. The unemployment rate equals the number of persons:: unemployed divided by the number in the labor force.. Inflation is defined as an increase in:: the average price level.. What usually happens to inflation during a recession: it decreases. Which of the following is not a component of the business cycle: decline. A worker who was laid off due to a downturn in the business cycle would be considered: cyclically unemployed.. Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing: Structural. A good way to measure standard of living is by calculating: per capita GDP

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

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

Products produced for personal consumption:: consumer goods and services. People who use goods and services to satisfy wants:: consumers.. Goods and services purchased quickly and without thought or effort:: convenience products.. Physical objects that are useful, scarce, and transferable and which satisfy economic wants:: economic goods.. Productive acts that are useful, scarce, and transferable and which satisfy economic wants:: economic services.. A desire for something that can only be obtained by spending money:: economic want.. Industrial goods used in the operation of a business but not used in the actual production of a good or service:: equipment.. Tangible objects that can be manufactured or produced for resale:: goods.. Any item purchased as a result of an on‑the‑spot decision to buy:: impulse item.. Industrial goods that are used to produce other goods and services:: installations.. The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market:: market research.. Industrial goods that become part of the finished product after they have been processed:: materials.. A desire for something that can be obtained without spending money:: . Industrial goods that become part of finished goods without any additional processing:: parts.. The people who make or provide goods and services:: producers.. Items in their natural state or condition:: raw materials.. Limited:: scarce.. Intangible activities that are performed by other people for money; productive acts that satisfy economic wants:: services.. Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain:: specialty product.. A frequently purchased item that businesses keep on hand continuously because the demand for it is constant:: staple item.. Industrial goods that are constantly being purchased and used up in the operation of a business:: supplies.. Capable of being touched, smelled, tasted, seen, or heard:: tangible.. Consumer goods and services bought out of necessity or adversity rather than desire:: unsought products.. A desire for something that may or may not be required:: want.. A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be: Parts. How would a business’s computers be classified: Equipment. Which of the following is an industrial good: Tires for a tow truck. What determines whether an economic product is an industrial product or a consumer product: Who buys and uses the product. Why do marketers classify goods and services: To aid in marketing planning. George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher: Shopping. Sugar and flour that are purchased to make baked goods are classified as:: materials.. If a good or service is scarce, consumers will usually be:: willing to pay money to get it.

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.

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