Economics 101 Quiz Stats

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Definitions Terms % Correct
one who buys goods and servicesConsumer
73.5%
an object that can be purchased to satisfy human needs and want sGood
70.6%
someone who studies economicsEconomist
64.7%
the worth of a good or serviceValue
55.9%
the study of an entire economy or one of its principal sectorsMacroeconomics
52.9%
the study of how society chooses to use scarce resources to satisfy its unlimited needs and wantsEconomics
52.9%
in any action or activity that is performed for a feeService
47.1%
currency that is accepted in exchange for goods and servicesMoney
47.1%
a person, group, or business that makes goods or provides services to satisfy consumer's needs and wantsProducer
47.1%
the combination of economics that results from the combination of limited resources and unlimited wantsScarcity
38.2%
anything used to produce goods or servicesResource
38.2%
a form of exchange that allows consumers to use items with a promise of repayment over a specified timeCredit
32.4%
to distribute scarce resourcesAllocate
26.5%
the direct exchange of goods and services without the use of moneyBarter
26.5%
producers and consumers agree to provide one type of item in return for anotherExchange
26.5%
Definitions Terms % Correct
a building, structure, machine or tool that is used to produce goods and servicesCapital Good
26.5%
the division of a complex procedure into small tasks, enabling workers to increase output through specializationDivision of Labor
20.6%
the sacrifice in order to purchase or produce anotherTrade-off
20.6%
What military branch is Brandon going into?Air Force
17.6%
any human activity-mental or physical-used in the production processHuman Resource
14.7%
what country is Kokoutse from?Togo
14.7%
What countires, besides US, has Eric lived?China, Canada
14.7%
How old is Mr.Weis?23
14.7%
a finished product that is consumed by an individualConsumer Good
11.8%
the relationship of mutual reliance and influence among people, businesses, industries, regions, and nationsInterdependence
11.8%
a finished product that is consumed by a personConsumer Good
11.8%
the level of output that results from a given level of outputProductivity
11.8%
an item that is used in the production of other goods and servicesCapital Resources
5.9%
scientific and technical techniques used to produce existing products more efficiently or of higher qualityTechnology
5.9%
a resource used to produce goods and servicesFactor of Production
5.9%

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