Quiz 1.1
Economics Essentials Quiz
Test your understanding of fundamental economic concepts with our engaging Economics Essentials Quiz! This quiz consists of 10 multiple-choice questions that cover key topics such as scarcity, factors of production, and the basics of GDP.
Challenge yourself and see how well you know the principles that govern our economic system. Perfect for students, educators, and anyone interested in economics!
- 10 multiple-choice questions
- Score tracking
- Instant feedback on your answers
Unlimited wants vs limited resources
Scarcity
Need
Capital
Factor of production that includes natural resources
Scarcity
Labor
Land
Basic requirement for survival
Scarcity
GDP
Need
Tools, machinery, equipment used in production
Capital
Land
labor
Dollar value of all final goods and services produced in one year
Scarcity
Need
Gross Domestic Product
Three basic economic questions are What to produce, How to produce and
When to produce
For whom to produce
How much to produce
The fundamental problem of economics
Scarcity
Capital
Labor
Four factors of production
Land, labor, capital, entrepreneurship
Land, labor, wants,needs
Land, labor, capital, scarcity
Capital good?
Computer in school used by teacher for education
Computer used for recreation
Car driven by family
Study of economics includes
Description, analysis, prediction
Description, production, analysis
Description, prediction, production
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