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Fundamentals of Basic Economics

Economics

A quiz covering core concepts in basic economics, suitable for high school students.

economics high school curriculum fundamentals

8 Questions Easy Ages 14+ Apr 24, 2026

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About this Study Set

This study set covers Economics through 8 practice questions. A quiz covering core concepts in basic economics, suitable for high school students. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

Questions & Answers

Browse all 8 questions from the Fundamentals of Basic Economics study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What is the fundamental economic problem that all societies face?

A Inflation
B Unemployment
C Scarcity
D Recession

2 Which of the following best describes a 'good' in economics?

A A service that is provided
B A tangible item that satisfies wants or needs
C An abstract concept that is not produced
D A desire that cannot be fulfilled

3 What does the law of demand state?

A As price increases, the quantity demanded increases.
B As price decreases, the quantity demanded decreases.
C As price increases, the quantity demanded decreases.
D As income increases, the quantity demanded decreases.

4 In a market economy, what primarily determines the prices of goods and services?

A Government regulations
B Central planning
C The forces of supply and demand
D Tradition and custom

5 What is a 'resource' in economics?

A A finished product sold to consumers
B Anything used to produce goods and services
C A financial investment
D A desire for a particular item

6 Which term refers to the cost of the next best alternative forgone when a choice is made?

A Opportunity cost
B Fixed cost
C Marginal cost
D Sunk cost

7 What is the main role of money in an economy?

A To create scarcity
B To provide a medium of exchange
C To increase opportunity costs
D To limit production

8 What is the basic definition of 'production' in economics?

A The consumption of goods and services
B The distribution of finished products
C The creation of goods and services from resources
D The accumulation of wealth

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