Economics Vocabulary Trivia Questions! Quiz

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Questions: 11 | Attempts: 464 | Updated: Mar 21, 2023

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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
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.

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2.

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

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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
Correct Answer
B. 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.

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4.

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

Explanation
A consumer is a person who buys and uses things. They are the end-users of products or services and play a crucial role in the economy by driving demand for goods and services. Consumers make choices based on their needs, preferences, and budget, and their purchasing decisions directly impact businesses and industries. Unlike producers who create and supply goods, entrepreneurs who start and manage businesses, or employees who work for someone else, consumers are primarily focused on acquiring and utilizing products and services for their personal use or consumption.

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5.

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

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6.

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

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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
Correct Answer
C. 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.

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8.

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

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9.

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

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10.

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

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11.

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

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Current Version
Mar 21, 2023

Quiz Edited by
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Mar 29, 2010

Quiz Created by
Farmert

Economics Vocabulary Trivia Questions! Quiz

Money paid to an employee.

Acts are done for another person.

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 person who buys and uses things.

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

Cost money spent

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

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

Products that are made, bought and sold.

A person who works for wages.

The money made after expenses is paid.