Basic Economic Terms

Quiz
•
History
•
8th Grade
•
Medium
Zeh Montgomery
Used 111+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.
production
consumption
scarcity
price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Things that come from nature used to produce goods and other services.
natural resources
human resources
capital resources
entrepreneurship
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The using of goods and services
choice
consumption
incentives
resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The tools, man-made objects or money used in the production of goods and services
human resources
capital resources
natural resources
entrepreneurship
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is given up when a choice is made. The highest valued alternative not chosen.
entrepreneurship
choice
scarcity
opportunity cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The people that make or sell goods or provide services.
capital resources
human resources
natural resources
entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability to create and manage a business. A willingness to take risks to make money.
entrepreneurship
capital
production
consumption
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