Economics Vocabulary Trivia Questions! Quiz

11 Questions | By Farmert | Updated: Mar 21, 2022 | Attempts: 450

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Economics Vocabulary Trivia Questions! Quiz - Quiz

How well do you know economics vocabulary? Could you pass this quiz? The following are exemplars of the terminology used in economics. In economics, scarcity refers to the state of not having enough of something. Goods are products, materials, and any other physical item that can be purchased, traded, or sold to individual customers. Supply is the number of supplies and services the producers can provide to consumers. This quiz will help you with your economics vocabulary and enhance your knowledge.

Questions and Answers

1.

Money paid to an employee.
- A.
  
  Wage
- B.
  
  Goods
- C.
  
  Services
- D.
  
  Profit
2.

Acts are done for another person.
- A.
  
  Wage
- B.
  
  Goods
- C.
  
  Services
- D.
  
  Profit
3.

An economic term that relates the selling price of goods to how much is available for sale and how much people are willing to pay to get it.
- A.
  
  Factors of production
- B.
  
  Supply and demand
- C.
  
  Salary or wage
4.

A person who buys and uses things.
- A.
  
  Producer
- B.
  
  Consumer
- C.
  
  Entrepreneur
- D.
  
  Employee
5.

How goods and services are made, distributed, and used?
- A.
  
  Supply and demand
- B.
  
  Economics
- C.
  
  Profit
- D.
  
  Factors of production
6.

Cost money spent
- A.
  
  Expense
- B.
  
  Profit
- C.
  
  Wage
- D.
  
  Salary
7.

Land, labor, capital, and entrepreneurship; the 4 things that must come together before goods are made and sold
- A.
  
  Wage and salary
- B.
  
  Profit
- C.
  
  Factors of production
- D.
  
  Supply and demand
8.

A person who organizes manages and assumes the risk of a business.
- A.
  
  Consumer
- B.
  
  Employee
- C.
  
  Entrepreneur
- D.
  
  Expense
9.

Products that are made, bought and sold.
- A.
  
  Services
- B.
  
  Goods
- C.
  
  Wage
10.

A person who works for wages.
- A.
  
  Consumer
- B.
  
  Entrepreneur
- C.
  
  Employee
- D.
  
  Goods
11.

The money made after expenses is paid.
- A.
  
  Salary
- B.
  
  Wage
- C.
  
  Expense
- D.
  
  Profit