Economic Terms

Economic Terms

12th Grade

25 Qs

quiz-placeholder

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Economic Terms

Economic Terms

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Erik Villagomez

Used 133+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

1. People focus on producing a few things instead of making everything they want by themselves.

interdependence
specialization
scarcity
market

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

4. Wants are unlimited.  Resources are limited.

price and value
scarcity
specialization
supply and demand

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

8.  What is NOT an example of a market?

Lee Middle School
Amazon
Starbucks
CVS

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are factories, machinery, and technology needed for businesses? 

Capital
Entrepreneurship 
Land
Labor

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

the level of wealth and material comfort available in a country.

wealth index
standard of living
standard of wealth
living index

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

an economy in which most of the economic decisions are made by government planning groups. There is strict government control and regulations.

traditional
command
market
mixed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a person who takes a risk to start a business?

Consumer
Entrepreneur 
Labor
Capital

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