What is Economics? - Definition, History, Timeline & Importance


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question 1 of 3

Which of the following statements applies to economics?

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1. The four factors of production that produce economic activity are _______________.

2. Which of the following figures was a key person in the history of economics?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you measure your knowledge of the features and history of economics. Be prepared to answer questions about dates and names related to economic history.

Quiz & Worksheet Goals

Students will be tested on:

  • Characteristics of economics
  • Four factors of production that produce economic activity
  • Key figures in history of economics
  • Chairmen of the Federal Reserve in 2000

Skills Practiced

With this worksheet/quiz you'll practice these skills:

  • Knowledge application - use your knowledge to determine a true statement related to economics
  • Information recall - access your knowledge of the century that modern day economic thinking began
  • Reading comprehension - ensure that you draw the most important information from the related economics features and history lesson

Additional Learning

Pull up the lesson called What is Economics? - Definition, History, Timeline & Importance to find out more about this topic. This lesson will help you:

  • Identify the importance of economics in our lives
  • Define what economics is
  • Describe the four main ingredients of economic activity
  • Understand the difference between macro and microeconomics