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Statistics for Economics: Basic Concepts

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General Stats

  • This quiz has been taken 1,303 times
  • The average score is 7 of 15

Answer Stats

HintAnswer% Correct
Social Science that deals with scarcity and how society allocate needs and wants.Economics
82%
A group of buyers and sellers that interact to trade goods and services.Market
78%
Branch of economics that studies the economy as a whole such as GDP, unemployment, economic growth and government policies.Macroeconomics
66%
The highest-valued alternative that must be given up to engage in an activity.Opportunity Cost
66%
Branch of economics that studies how households and firms make decisions in a market.Microeconomics
65%
Combination of desire and willingness to buy a product.Demand
60%
A situation in which unlimited wants exceed the limited resources available to fulfill those wants.Scarcity
55%
A situation in which the quantity supplied is greater than the quantity demanded.Surplus
52%
Schedule of quantities offered for sale at all possible prices in a market.Supply
50%
The act of buying and selling.Trade
49%
A situation in which the quantity demanded is greater than the quantity supplied.Shortage
41%
Someone who operates a business, bringing together the factors of production—labor, capital, and natural resources—to produce goods and services.Entrepreneur
34%
Resources owned by businesses or households such as equipment, buildings, supplies, cash, etc..Assets
30%
An economy in which the decisions of households and firms interacting in markets allocate economic resources.Market Economy
19%
An economy in which the government decides how economic resources will be allocated.Centrally Planned or Controlled Economy
0%

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