This document contains a quiz about economic systems and key economic concepts. It defines and provides examples of terms like labor, entrepreneurship, capital formation, financial investments, economics systems, mines, scarcity, the law of scarcity, opportunity cost, and trade-offs. The quiz format tests the reader's understanding of these fundamental ideas in economics.

1. QUIZ ABOUT THE
ECONOMICS
SYSTEM

2.  This refers also to the available physical and
mental talents of the people who have to
produce goods and services.
ANS: LABOR

3.  This means that people are combining the other
three factors of production to create some
products or services to sell.
ANS: ENTREPRENEURSHIP

4.  The process of creating a capital good.
ANS: CAPITAL FORMATION

5.  The purchase of assets such as stocks
and bonds
ANS: FINANCIAL INVESTMENTS

6.  Refers to a set of economic
institutions that dominate a given
economy with the main objective of
solving the basic economic problems.
ANS: ECONOMICS SYSTEM

7.  Used to gather raw materials for
production
ANS: MINES

8. Refers to the condition that all
resources are available only in
limited supply
ANS: SCARCITY

9.  Statesthat goods are scarce because
there are not enough resources to
produce all the needs that the people want
to consume
ANS: LAW OF SCARCITY

10.  Refersto the cost of using them their best
alternatives
ANS: OPPURTUNITY COST

11. A situation in which more of one good
thing can be obtained only by giving
off another thing
ANS: TRADE-OFF