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Economic Basics
By Victoria Lacey
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Last updated over 7 years ago
10 questions
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The Basic Concepts of Economics
Question 1
1.
The study of how society allocates scarce resources and goods
Consumer
Economics
Market
Producer
Question 2
2.
A person or group that is the final user of goods and services produced within an economy
Consumer
Economics
Labour
Income
Question 3
3.
Physical items that satisfy needs and wants
Income
Services
Goods
Labour
Question 4
4.
Money earned through employment or investment
Consumer
Economics
Labour
Income
Question 5
5.
Performance of laborious mental or physical tasks and/or provision of time and effort in exchange for money
Labour
Goods
Services
Income
Question 6
6.
Any organised exchange of goods and services for money; can be physical or online/over telephone
Labour
Market
Economics
Income
Question 7
7.
Goods or services that are essential for life
Goods
Wants
Needs
Services
Question 8
8.
An individual or business involved in the production of goods and services
Economics
Labour
Consumer
Producer
Question 9
9.
Actions done for you by others to satisfy your needs and wants, ie: doctors, hairdressers
Services
Goods
Producers
Consumers
Question 10
10.
Non-essential goods and services
Services
Wants
Needs
Producers