Economics Vocabulary Quiz 1

Economics Vocabulary Quiz 1

6th - 8th Grade

15 Qs

quiz-placeholder

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Economics Vocabulary Quiz 1

Economics Vocabulary Quiz 1

Assessment

Quiz

History

6th - 8th Grade

Medium

Created by

Ryan Pellegrino

Used 75+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is not one of the THREE basic economic questions?

What to produce?
How to procduce?
How much will it cost?
For whom to produce?

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is the proper definition....Not having enough of "something" to meet all of the desired needs and/or wants.

Limit
quota
scarcity
profit

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An economic concept that the price of a good or service will be determined by availability.
Which term best fits this description?

wage
barter
supply/demand
consumer and producer

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a system of trade where goods and services are exchanged fore other goods and services and no MONEY is exchanged?

Wage
command economy
subsistence
barter

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A form of economy where the government decided what goods will be produced, how they will be produced, and how they will be distributed?

Traditional
Mixed
Command
Market

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economy does every country in the world have in place to some degree or extent?

Command
Market
Mixed
Traditional

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economy is based on individual choices and voluntary trade? Competition is important here 

Traditional
Command
Market
Mixed

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