
SS4E1 - Basic Economic Concepts
Authored by Trina Myers
Social Studies
3rd - 5th Grade
Used 40+ times

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6 questions
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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
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