Froggy Jumps Economics Quiz for KidsOnline version Test your knowledge of economics with this fun quiz designed for children! by A.Adrian Espinoza Rivera 1 What is the definition of economics? a The study of how to save money b The study of how people make choices to satisfy their wants and needs c The study of how to make money 2 What is scarcity? a When there is too much of something b When there is not enough of something to satisfy everyone's wants c When there is no value in something 3 What is the role of a producer? a To buy goods or use services b To consume goods or services c To make goods or provide services 4 What is the role of a consumer? a To make goods or provide services b To buy goods or use services c To produce goods or services 5 What is a budget? a A list of things you want to buy b A plan for how to spend and save money c A list of things you have already bought 6 What is the difference between a need and a want? a A need is something you would like to have, while a want is something you must have to survive b A need is something you must have to survive, while a want is something you would like to have c A need and a want are the same thing 7 What is supply? a The amount of a good or service that is available for sale b The amount of money you have c The amount of goods or services you want 8 What is demand? a The desire, willingness, and ability to sell a good or service b The desire, willingness, and ability to produce a good or service c The desire, willingness, and ability to buy a good or service 9 What is a price? a The amount of money that must be paid to buy a good or service b The amount of money you have c The amount of goods or services available 10 What is profit? a The total amount of money earned b The money left over after all costs have been paid c The amount of money spent
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