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Economic Concepts

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7th - 8th Grade

Used 192+ times

Economic Concepts
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Selection of an item from a set of possible alternatives

production

scarcity

choice

opportunity cost

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

consumption

production

distribution

resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Something which incites or motivates consumers to economic behavior or to change economic behavior

supply

choice

scarcity

incentive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Inability to satisfy all wants at the same time

scarcity

opportunity cost

consumer sovereignty

demand

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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That which is given up when a choice is made (the second best alternative) "It's what you lose when you choose."

choice

resources

opportunity cost

price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Machines, tools, money, factories, etc.

entrepreneurship

capital resources

human resources

natural resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Factors of production that are used in the production of goods and services

production

consumption

supply

resources

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