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Definitions of economics

Select the correct answer about what does the economic term means
Quiz by Pineapple999
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Last updated: September 7, 2022
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First submittedSeptember 7, 2022
Times taken26
Average score80.0%
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1. What does Scarcity means?
Things that are necessary for your survival ✓
Things that you desire ✓
Resources provided by nature ✓
Limited resources to satisfy unlimited needs ✓
2. Is Human Labor and Human Resources the same?
Yes ✓
No ✓
Maybe ✓
I don’t know ✓
3. Which images fits better the word Entrepreneur
✓
✓
✓
✓
4. Explain the difference between Needs and Wants
I don’t know ✓
There is no difference ✓
Needs are things that you want meanwhile Wants are the most important things for you ✓
Wants are goods and services which makes us happy, but we can live without it, and Needs are basic goods and services to survive ✓
5. What are Human Resources
People that give resources to humans ✓
People that aren’t capable of working ✓
Members of society that are capable of working ✓
Members of society that take care of people and their needs ✓
6. Which of these answers is not a Natural Resource
Water ✓
Wood ✓
Diamond ✓
Plastic ✓
7. Which answer is a Capital Resource
Human ✓
Factory ✓
Apple ✓
Gold ✓
8. Consumers means people that eat a huge amount of food
True ✓
False ✓
9. Definition of Market
Place to buy food ✓
A soccer stadium ✓
Where consumers and producers exchange a specific good or service ✓
A place where consumers buy products and eat them ✓
10. Efficiency to use limited resources in the production of a good or service
Business ✓
Production ✓
Financial Resourced ✓
Taxes ✓
11. What is inflation
When you eat to much food ✓
Argentina ✓
The constant increase of the price ✓
When a balloon increases size ✓
12. Definition of equilibrium price
A price where producers gain yo much money ✓
A price where consumers are happy to buy and producers are happy to sell ✓
All prices in market ✓
A price where consumers are happy to buy ✓
13. Which image represents best the word Money
✓
✓
✓
All of them ✓
14. A zoo keeper can be an entrepreneur
False ✓
True ✓
15. What are Taxes
A kind of animal ✓
A fraud ✓
A payment to the government so that they can improve the conditions of a country ✓
A vehicle ✓
16. Consumers of goods and services
Economy ✓
Taxes ✓
Demand ✓
Household ✓
17. Which of these options has a fair price
A wooden chair for 890 dollars ✓
A pack of six bottles of water for 3 dollars ✓
A small toy for 120 dollars ✓
An eraser for 20 dollars ✓
18. Households is a place where consumers physically live
True ✓
False ✓
19. Is a toy a Need or a Want
A Want ✓
A Need ✓
Both ✓
None ✓
20. Which definition suits the best, Economics
Government ✓
Money ✓
A social study ✓
A Social Science that deals with limited resources to satisfy unlimited needs and wants ✓
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