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Introduction to Economics

Authored by Nicola Owen

Social Studies

5th Grade

Used 50+ times

Introduction to Economics
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30 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

There are 4 _______________. They are land, labour, capital and entrepreneurship.

Factors of Production

Market Economies

Profits

Economics

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

Demand
Needs
Wants
Presents

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The reason why you can't have everything you want is because of ___________________.

Opportunity Cost
Scarcity
Incentive 
Choice

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Man-made resources used in the production process i.e. machines in a factory.

Labor 
Capital
Household
Revenue 

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The study of how people seek ways to meet their wants and needs by making choices is called?

Economics
Scarcity
Capitalism
Entrepreneurs

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are physiological needs?

Water, food, air
Consistent employment
Love, friendship, companionship
Achievieng a life-long goal

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