CE 11a_Intro to Econ_Basic Terms

CE 11a_Intro to Econ_Basic Terms

8th Grade

20 Qs

quiz-placeholder

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CE 11a_Intro to Econ_Basic Terms

CE 11a_Intro to Econ_Basic Terms

Assessment

Quiz

Other

8th Grade

Medium

Created by

Matthew Welgoss

Used 9+ times

FREE Resource

20 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

What is given up when a choice is made. The highest valued alternative not chosen.

entrepreneurship

choice

scarcity

opportunity cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Selection of an item or action from a set of possible alternatives.

production

resources

choice

consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Laptops are in high demand but there are not enough to satisfy the needs of all students. This is called

Opportunity Costs

Demand

Supply and Demand

Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mya decides to spend her afternoons hanging out with friends instead of studying for her exam. What is her opportunity cost?

Making friends

Being prepared for her exam

Going to the mall

Being late for school

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When John orders food from McDonald's, he is considered

The consumer

The supplier

The decision maker

Opportunity costs

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The amount of money you make after all expenses have been paid is called what?
Profit
Competition
Private Property
Free Markets

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