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Economics

Authored by Emily McKail

Education, Business, Other

10th Grade

14 Questions

Used 28+ times

Economics
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two strands of economics?

Microeconomics and Macroeconomics

Small and big economics

Land, labour, capital, enterprise

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define what a need is

Something that you want

Something you need for survival

Relative scarctity

Money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity costs?

Opportunity to gain money

The labour provided to create a product

Second choice or alternative choice

Supply and demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production?

people, planet, profit

Money, markets,,entrepreneur, objects

Land, people, money, markets

Land, labour, capital, enterprise

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a market economy?

Where everyone is equal

Consumers influence the types of goods and services

The government are involved with everything

Environment is important

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a planned economy?

Government decides how resources can be used

Consumers decide the goods and services

Communism

Socialism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a socialist society...

Resources own themselves

Animals owns all the resources

The government owns all resources

Everyone owns goods and services

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