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In this quiz, questions related to the basic principles of economics are asked. The students will be asked about the various basic terms used in economics. Different multiple-choice questions are asked in the quiz to let students learn effectively.
The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.
production
consumption
scarcity
price
Things that come from nature are used to produce goods and other services.
natural resources
human resources
capital resources
entrepreneurship
What is the use of goods and services called?
choice
consumption
incentives
resources
The tools, man-made objects or money used in the production of goods and services are-
natural resources
human resources
capital resources
entrepreneurship
The people that make or sell goods or provide services are called the-
natural resources
human resources
capital resources
entrepreneurship
The ability to create and manage a business. A willingness to take risks to make money.
entrepreneurship
capital
production
consumption
The combining of human, natural, capital resources and entrepreneurship to make goods or provide services.
consumption
opportunity cost
production
incentive
Factors of production that are used in the making of goods and services
scarcity
choice
incentives
resources
