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Economics: Basic Concepts

See if you know these economic concepts in 6 minutes.
Quiz by krabs
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Last updated: December 21, 2015
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First submittedDecember 21, 2015
Times taken1,291
Average score46.7%
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Hint
Answer
Social Science that deals with scarcity and how society allocate needs and wants.
Economics
A group of buyers and sellers that interact to trade goods and services.
Market
A situation in which unlimited wants exceed the limited resources available to fulfill those wants.
Scarcity
The highest-valued alternative that must be given up to engage in an activity.
Opportunity Cost
An economy in which the decisions of households and firms interacting in markets allocate economic resources.
Market Economy
An economy in which the government decides how economic resources will be allocated.
Centrally Planned or Controlled Economy
Someone who operates a business, bringing together the factors of production—labor, capital, and natural resources—to produce goods and services.
Entrepreneur
The act of buying and selling.
Trade
Hint
Answer
A situation in which the quantity demanded is greater than the quantity supplied.
Shortage
A situation in which the quantity supplied is greater than the quantity demanded.
Surplus
Combination of desire and willingness to buy a product.
Demand
Schedule of quantities offered for sale at all possible prices in a market.
Supply
Branch of economics that studies how households and firms make decisions in a market.
Microeconomics
Branch of economics that studies the economy as a whole such as GDP, unemployment, economic growth and government policies.
Macroeconomics
Resources owned by businesses or households such as equipment, buildings, supplies, cash, etc..
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5 Comments
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Roger77024
+1
Level 57
Dec 21, 2015
Govt. controlled economy - dirigiste?
fraB
+4
Level 32
May 14, 2016
An irritating quiz, to say the least. The shortage and surplus questions should accept "excess demand/supply" or "over/underproduction". The question on government-controlled economies was the most annoying; I tried: central, planned, control, communist, marxist, socialist, central economy, planned economy, control economy, communism, marxism, socialism, and finally centrally planned economy. It's absolutely absurd that you have to type in two synonymous answers to gain credit, especially given no guidance as to how many answers are expected.
mushroomsteve
+1
Level 53
Aug 21, 2016
Can you make your own economics quiz?
mushroomsteve
+1
Level 53
Aug 21, 2016
Accept "trading"?
jonf
+1
Level 69
Dec 6, 2018
Needs yellow boxes. Also needs more acceptable answer options. For example: "Central Planning" was not accepted as an answer even though that is a common way of describing it.
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