Economics Vocabulary
Authored by MEGHAN LYNCH
History
7th - 12th Grade
Used 7+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All resources are limited, so choices must be made.
Price
Scarcity
Supply
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money that is given for a good or service
Price
Capital Resource
Choice
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is what is given up when a choice is made.
Opportunity Cost
Profit
Production
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factors of production (money, staff, etc) used to produce goods and services
Demand
Consumption
Resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A selection of an item or action from a set of possible alternatives
Choice
Price
Service
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Things that occur in nature that can be used for economic gain
Opportunity Cost
Natural Resource
Human Resource
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The person that takes the risk of starting a business
Entrepreneur Resource
Scarcity
Demand
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