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What is economics?

Authored by Teri Peterson

Geography

7th Grade

Used 11+ times

What is economics?
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how we produce and distribute our wealth is called...

Consumption

Opportunity Cost

Economics

Economic systems

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any item that can be bought or sold is...

the supply

a good

scarce

demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything that is used to produce a good or service that can be used to satisfy our wants and needs it a(n)...

supply

loan

surplus

resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of changing a raw material into an economic good or service to satisfy desires is...

production

consumption

scarcity

interdependence

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Computers, hammers, trucks, and other man-made materials would be which factor of production?

land

labor

capital

entrepreneurship

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is used for items that are necessary for survival?

scarcity

shortage

need

want

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jim starts a restaurant business using his own money to purchase a building and cooking supplies such as ovens and grills as well as hiring employees. He plans to expand to other cities. This is an example of which economic terms?

entrepreneurship

production

specialization

investment

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