SS4E1 - Basic Economic Concepts

SS4E1 - Basic Economic Concepts

3rd - 5th Grade

6 Qs

quiz-placeholder

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SS4E1 - Basic Economic Concepts

SS4E1 - Basic Economic Concepts

Assessment

Quiz

Social Studies

3rd - 5th Grade

Hard

Created by

Trina Myers

Used 40+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of trade?

the act of buyers and sellers freely and willingly engaging in market transactions

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

basic economic concepts of trade

a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of opportunity cost?

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

dividing labor into specific tasks to reduce the number of jobs done by each person.

the act of buyers and sellers freely and willingly engaging in market transactions

basic economic concepts of trade

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of specialization?

dividing labor into specific tasks to reduce the number of jobs done by each person.

is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

basic economic concepts of trade

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of voluntary exchange?

dividing labor into specific tasks to reduce the number of jobs done by each person.

is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

the act of buyers and sellers freely and willingly engaging in market transactions.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of productivity?

basic economic concepts of trade

is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which answer choice is the definition of price incentives?

a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

the act of buyers and sellers freely and willingly engaging in market transactions

the commercial exchange (buying and selling on domestic or international markets) of goods and services.

the act of buyers and sellers freely and willingly engaging in market transactions