Economic Concepts and Factors of Production

Economics

This quiz covers fundamental economic terms and concepts related to factors of production, market activities, and economic indicators. It also includes questions asking to list factors of production and examples of government expenditure.

Economics Production Markets

10 Questions Easy Ages 16+ Feb 23, 2026

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About this Study Set

This study set covers Economics through 10 practice questions. This quiz covers fundamental economic terms and concepts related to factors of production, market activities, and economic indicators. It also includes questions asking to list factors of production and examples of government expenditure. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

Questions & Answers

Browse all 10 questions from the Economic Concepts and Factors of Production study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What is the economic term for payments made for the factors of production?

A Profit
B Income
C Revenue
D Cost

2 Identify the market where savings and loans occur.

A Product Market
B Labor Market
C Financial Market
D Capital Market

3 What economic concept describes the flow of spending on goods and services?

A Aggregate Supply
B Aggregate Demand
C National Income
D Circular Flow

4 What is the flow of payment in the form of wages, salaries, rent, interest, and profits called?

A Expenditure
B Income
C Consumption
D Investment

5 What term describes goods and services that people intend to use and not to resell?

A Capital Goods
B Intermediate Goods
C Consumer Goods
D Durable Goods

6 What is the term for an increase in the production of goods and services in a country?

A Recession
B Inflation
C Economic Growth
D Stagnation

7 What is used to measure the level of economic activity in a country?

A Unemployment Rate
B Inflation Rate
C Gross Domestic Product (GDP)
D Balance of Trade

8 What is the term for an increase in economic activities, taking inflation into consideration?

A Economic Contraction
B Real Economic Growth
C Nominal Economic Growth
D Deflation

9 List any TWO factors of production.

A Land, Labor
B Demand, Supply
C Profit, Loss
D Income, Expenditure

10 List TWO examples of government expenditure.

A Healthcare, Education
B Wages, Rent
C Interest, Profits
D Savings, Loans

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