Economic Terms

Economic Terms

7th Grade

14 Qs

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Economic Terms

Economic Terms

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History

7th Grade

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14 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

Traditional 
Market 
Command 
Mixed

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

There are four types of economic systems. Most economies are _____.

Traditional

Command

Market

Mixed

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

In this type of economy, the individual decides who to sell their products to.  

Traditional 
Mixed 
Market
Command

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The government has little to no role in the production of goods in this type of economy. 

Traditional 
Mixed
Command 
Market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

desire
demand
supply
scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

When there is a small amount of something available.
A large amount of an item available.
Scary things that happen in the economy.
This is not part of an economy.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

The want or need from consumers in an economy.
Supply is not part of an economy.
The amount of something available.
To trade without using money.

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