📈
Key Economic Concepts Quiz
Key Economic Concepts · Easy
20 questions · Unlimited attempts · Free online practice
Key economic concepts form the vocabulary and analytical toolkit for understanding how economies function. Supply and demand determine prices; opportunity cost captures the value o...
Playing as a guest
You can play free without an account. Create one to save scores and resume later.
Question of
Explanation:
Choose an answer to continue. Correct answers are revealed after you finish.
Time is up! Quiz Complete!
Your score
Correct
Wrong
Want this score saved?
Create a free account to store quiz history, track streaks, and pick up where you left off. Guests can keep playing without signup.
No questions available for this topic yet.
All 20 questions in this Key Economic Concepts quiz
-
What is 'National Debt'?
- A. Debt of a company
- B. Total money a government owes
- C. Bank debt
- D. Personal debt
-
What is 'Black Market'?
- A. Grocery store
- B. Stock market
- C. Farmer's market
- D. Illegal market
-
What is 'Stock'?
- A. Ownership in a corporation
- B. A tax
- C. A loan
- D. A bond
-
What is 'Entrepreneur'?
- A. A person who starts a business
- B. A worker
- C. A lawyer
- D. A banker
-
What is 'Forecast'?
- A. Past data
- B. Tax bill
- C. Old news
- D. Prediction of future trends
-
What is 'Infrastructure'?
- A. Company hierarchy
- B. Banking laws
- C. Stock market system
- D. Basic physical systems of a country (roads, power)
-
What is 'Economy'?
- A. A government
- B. A bank
- C. The system of production and consumption
- D. A type of car
-
What is 'Market Economy'?
- A. Prices set by supply and demand
- B. Socialism
- C. Barter
- D. Prices set by gov
-
What is 'Scarcity'?
- A. Abundance
- B. Unlimited resources
- C. Limited resources versus unlimited wants
- D. High prices
-
What is 'Globalization'?
- A. Closing borders
- B. Local trade
- C. Staying in one country
- D. Integration of world economies
-
Which is a factor of production?
- A. Land
- B. Tax
- C. Trade
- D. Money
-
What is 'Small Business'?
- A. Large corporation
- B. Government agency
- C. A bank
- D. Independently owned and operated firm
-
What are 'Factors of Production'?
- A. Land Labor Capital Entrepreneurship
- B. Taxes Spending Debt
- C. Money Stocks Bonds
- D. Exports Imports Tariffs
-
What is 'Labor Union'?
- A. A government department
- B. A bank
- C. Organization of workers to protect rights
- D. A group of managers
-
What is 'Output'?
- A. Resources used
- B. Total workers
- C. Profit made
- D. Amount of goods produced
-
What is budget?
- A. Policy
- B. Account
- C. Law
- D. Plan
-
Which bank issues currency?
- A. Central
- B. Rural
- C. Private
- D. Commercial
-
What is 'Barter'?
- A. Exchanging goods without money
- B. A bank
- C. A type of tax
- D. Using money
-
What is inflation?
- A. Market crash
- B. Rise in prices
- C. Fall in prices
- D. No change
-
What is a 'Command Economy'?
- A. Traditional
- B. Barter based
- C. Market driven
- D. Government driven