What are the two strands of economics?
Economics

Quiz
•
Education, Business, Other
•
10th Grade
•
Medium
Emily McKail
Used 26+ times
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14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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