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CE Economic Vocab & Economy Questions

CE Economic Vocab & Economy Questions

Assessment

Presentation

Social Studies

6th - 8th Grade

Practice Problem

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Created by

Joey Crawford

Used 2+ times

FREE Resource

3 Slides • 11 Questions

1

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2

Multiple Choice

What you give up when a choice is made is the -

1
fixed cost
2
marginal benefit
3
opportunity cost
4
sunk cost

3

Multiple Choice

What is a choice?

1

the act of selecting between options

2

random event

3

a physical object

4

a type of food

4

Multiple Choice

Combining human, natural, capital, and entrepreneurship resources to make goods and provide services is called -

1
Consumption
2
Production
3
Distribution
4
Manufacturing

5

Multiple Choice

What is price?

1
The cost of producing an item.
2
The value of a product in terms of its features.
3
The total revenue generated from sales.
4
The amount of money required to buy something.

6

Dropdown

are used to change economic behavior.

7

Dropdown

Factors of production that are used to produce goods and services are​
.

8

Multiple Choice

What is scarcity?

1

the abundance of resources available to meet limited wants

2

the limited availability of resources to meet unlimited wants

3

the excess of resources in an economy

4

the ability to satisfy all wants without any limitations

9

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10

Multiple Select

What are the three basic economic questions?

1

What will be produced?

2

How will production occur and by who?

3

Why will it be produced?

4

For whom will it be produced?

11

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12

Multiple Choice

In a traditional economy -

1
Goods and services are produced solely for profit.
2
Production is based on advanced technology and innovation.
3
Resources are allocated through government planning.
4

Goods and services are produced based on customs and traditions.

13

Multiple Choice

In a command economy -

1
the government controls all economic activities
2
individuals own all resources
3
the economy is based on supply and demand
4
the market dictates all economic activities

14

Multiple Choice

In a mixed economy -

1

private business controls everything

2

the economy is controlled entirely by the government

3

private ownership is not allowed

4

private business and government intervention coexist

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