Economics Vocabulary Trivia Questions! Quiz

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Farmert
F
Farmert
Community Contributor
Quizzes Created: 2 | Total Attempts: 796
| Attempts: 467
Quiz Flashcard
SettingsSettings
Please wait...
  • 1/11 Questions

    A person who buys and uses things.

    • Producer
    • Consumer
    • Entrepreneur
    • Employee
Please wait...
About This 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.

Economics Vocabulary Trivia Questions! Quiz - Quiz

Quiz Preview

  • 2. 

    A person who works for wages.

    • Consumer

    • Entrepreneur

    • Employee

    • Goods

    Correct Answer
    A. Employee
    Explanation
    The correct answer is employee because an employee is a person who works for wages. They are hired by a company or organization to perform specific tasks or duties in exchange for a salary or hourly wage. Unlike entrepreneurs who start their own businesses or consumers who purchase goods or services, employees are individuals who work for someone else and receive compensation in return.

    Rate this question:

  • 3. 

    Acts are done for another person.

    • Wage

    • Goods

    • Services

    • Profit

    Correct Answer
    A. Services
    Explanation
    Services are activities performed by one person for the benefit or satisfaction of another person. Unlike goods, which are tangible and can be physically touched or held, services are intangible and involve actions or efforts. Therefore, when acts are done for another person, it typically refers to the provision of services.

    Rate this question:

  • 4. 

    Products that are made, bought and sold.

    • Services

    • Goods

    • Wage

    Correct Answer
    A. Goods
    Explanation
    The correct answer is "goods". Goods refer to tangible products that are manufactured, purchased, and sold in the market. This can include physical items such as clothing, electronics, or furniture. Unlike services, which are intangible and involve actions or tasks performed by individuals, goods are tangible and can be physically touched or possessed.

    Rate this question:

  • 5. 

    Money paid to an employee.

    • Wage

    • Goods

    • Services

    • Profit

    Correct Answer
    A. Wage
    Explanation
    Wage is the correct answer because it refers to the money paid to an employee for their work or services. It is a form of compensation for the labor or services provided by the employee. Unlike profit, which is the financial gain or benefit obtained from a business or investment, wage specifically relates to the payment made to an individual for their employment. Goods and services are also mentioned as options, but they are not directly related to the concept of money paid to an employee.

    Rate this question:

  • 6. 

    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.

    • Factors of production

    • Supply and demand

    • Salary or wage

    Correct Answer
    A. Supply and demand
    Explanation
    Supply and demand is 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. It refers to the concept that the price of a product or service is determined by the balance between its availability (supply) and the desire or need for it (demand). When the supply of a product is high and the demand is low, the price tends to decrease. Conversely, when the supply is low and the demand is high, the price tends to increase. Therefore, supply and demand play a crucial role in determining the price and availability of goods in the market.

    Rate this question:

  • 7. 

    Cost money spent

    • Expense

    • Profit

    • Wage

    • Salary

    Correct Answer
    A. Expense
    Explanation
    Expense refers to the money spent on various costs or expenditures. It includes all the financial outflows incurred by a person or organization in order to run their operations or maintain their lifestyle. Expenses can be categorized into different types such as fixed expenses, variable expenses, direct expenses, or indirect expenses. In contrast to profit, which represents the financial gain or income earned, expense represents the money that is being spent or used up. Wage and salary, on the other hand, specifically refer to the compensation paid to employees for their work or services rendered.

    Rate this question:

  • 8. 

    Land, labor, capital, and entrepreneurship;  the 4 things that must come together before goods are made and sold

    • Wage and salary

    • Profit

    • Factors of production

    • Supply and demand

    Correct Answer
    A. Factors of production
    Explanation
    The correct answer is "factors of production" because it refers to the land, labor, capital, and entrepreneurship that are necessary for goods to be produced and sold. These factors are essential in the production process and without them, it would not be possible to create and supply goods to meet the demands of the market. Wage and salary and profit are outcomes or rewards that result from the production process, while supply and demand are concepts related to the market dynamics.

    Rate this question:

  • 9. 

    A person who organizes manages and assumes the risk of a business.

    • Consumer

    • Employee

    • Entrepreneur

    • Expense

    Correct Answer
    A. Entrepreneur
    Explanation
    An entrepreneur is a person who organizes, manages, and assumes the risk of a business. They are responsible for identifying opportunities, creating innovative ideas, and taking the necessary steps to turn those ideas into profitable ventures. Entrepreneurs take on the financial risk of starting and running a business, making decisions about investments, marketing strategies, and managing the overall operations. They are different from consumers, who are individuals that purchase goods and services, and employees, who work for a company or organization. Expenses refer to the costs incurred in the process of running a business.

    Rate this question:

  • 10. 

    The money made after expenses is paid.

    • Salary

    • Wage

    • Expense

    • Profit

    Correct Answer
    A. Profit
    Explanation
    Profit refers to the money made after all expenses have been paid. It is the financial gain that a business or individual earns from their investments or operations. Profit is calculated by subtracting the total expenses from the total revenue. It is an important measure of the financial success and sustainability of a business.

    Rate this question:

  • 11. 

    How goods and services are made, distributed, and used?

    • Supply and demand

    • Economics

    • Profit

    • Factors of production

    Correct Answer
    A. Economics
    Explanation
    Economics is the study of how goods and services are made, distributed, and used. It involves analyzing the production, consumption, and distribution of resources and how individuals, businesses, and governments make choices to allocate these resources. Economics also examines the factors of production, such as land, labor, capital, and entrepreneurship, which are necessary for the production of goods and services. Additionally, economics considers the concepts of supply and demand, which determine the prices and quantities of goods and services in the market.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 29, 2010
    Quiz Created by
    Farmert
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.