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8 Economics - Week 1

Authored by Melinda Grummet

Other

7th - 8th Grade

Used 113+ times

8 Economics - Week 1
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15 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Economics is...

how a society chooses to use its resources to produce goods and services to satisfy needs & wants

how consumers spend their money

how producers sell goods and services

how governments spend money and sell resources

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A good is...

an action that a person does for someone else e.g. haircuts, medical check-ups, mail delivery, car repair, and teaching.

an object people want that they can touch or hold e.g. food, clothing, toys, furniture, and toothpaste.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A market is 

any organised exchange of goods and services for money
where you buy groceries
stalls of food on weekends 

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The amount of goods available

Demand
Goods
Supply
Services

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Occurs because we have unlimited wants but only a limited amount of resources. This requires us to make choices.  

Resources
Opportunity cost
Economic Problem
Consumer Rights

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Is the physical and mental effort that people contribute to the production of goods and services

Labour
Resources
Capital
Hard Work

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The economic problem occurs when we have 

Unlimited wants and limited resources
Unlimited resources and limited wants
Unlimited wants and unlimited resources
Limited wants and limited resources

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