Economics Quiz

Economics Quiz

Economics is the social science that studies how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants and needs. Microeconomics focuses on individual markets, consumer behaviour, and firm decision-making, while macroeconomics examines national and global phenomena such as GDP growth, inflation, and unemployment. Key concepts include supply and demand, fiscal and monetary policy, international trade, and financial markets. Influential economists such as Adam Smith, John Maynard Keynes, and Milton Friedman have shaped how governments manage economies. Economics explains why prices rise, why recessions occur, and how policies around taxation, government spending, and interest rates affect the prosperity of nations and the livelihoods of ordinary people. Read more