Economics Basics

Economics Basics

7th - 8th Grade

15 Qs

quiz-placeholder

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Economics Basics

Economics Basics

Assessment

Quiz

Social Studies

7th - 8th Grade

Medium

Created by

Zane Hurst

Used 12+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is consumption?

The using of goods and services

That which is given up when a choice is made

Making of goods and services

That which determines price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trees are an example of what type of resource?

Capital

Entrepreneurship

Natural

Human

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A bulldozer is an example of what type of resource?

Natural

Entrepreneurship

Human

Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The workers in a factory are considered what type of resource?

Natural

Human

Capital

Entrepreneurship

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity refers to --

the factors of production.

the inability to satisfy all wants at the same time.

things used to change economic behavior.

what is given up when a choice is made.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the amount of goods or services consumers are willing to buy at a certain price?

Incentive

Supply

Demand

Consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

Amount of the incentive

Amount an item costs

Amount of goods or services people are willing to buy

Amount producers are willing to sell

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