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BMMS Economic terms review

Authored by Alyson Boyles

Geography

7th Grade

Used 14+ times

BMMS Economic terms review
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Opportunity Cost is...

the loss of potential gain from other alternatives when one alternative is chosen.
the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).
make changes in something established, especially by introducing new methods, ideas, or products.
HI MOM!

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Scarcity is...

measuring a small distance from end to end.
the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
(especially of food, money, or some other resource) insufficient for the demand.
make (something) on a large scale using machinery.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Market Economy is...

An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
the economic factors affecting the price, demand, and availability of a commodity.
the loss of potential gain from other alternatives when one alternative is chosen.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Command Economy is...

the economic factors affecting the price, demand, and availability of a commodity.
make (something needed or wanted) available to someone; provide.
a thing that motivates or encourages one to do something.
an economy in which production, investment, prices, and incomes are determined centrally by a government.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An agreement between countries that makes it easier for businesses in those countries to export and import goods.

import

Trade Agreement

Export

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A product brought into a country to be sold.

Import

Export

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A product sent from one country to another to be sold.

Import

Export

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