What is Economics? - Definition & Principles

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is NOT a key principle of economics?

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1. A point inside a Production Possibility Frontier (PPF) represents a point at which:

2. Economics may be defined as:

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About This Quiz & Worksheet

Economics is based in certain fundamental principles that the worksheet and quiz will test you on. Specific information includes categories of economic study and the various terms relating to this field.

Quiz & Worksheet Goals

These evaluations will test you on:

  • The points of Production Possibility Frontier
  • Key economic principles
  • Benefits of trade
  • Real value of the dollar
  • The 'next best alternative'

Skills Practiced

The quiz and worksheet will assess your skills of:

  • Information recall - access the knowledge you've gained regarding the benefits of trade
  • Defining key concepts - ensure that you can accurately define main phrases, such as Production Possibility Frontier and real value
  • Reading comprehension - ensure that you draw the most important information from the related economics lesson

Additional Learning

To learn more about economics, review the associated lesson titled What is Economics? - Definition & Principles. These objectives will be addressed in this lesson:

  • Understand the concept of 'opportunity cost'
  • Identify foundational economic principles
  • Discover the points of the Production Possibility Frontier
  • Understand the benefits of trade
  • Know about the 'real value' of a dollar
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