Economics - key terminology

Economics - key terminology

8th Grade

25 Qs

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Economics - key terminology

Economics - key terminology

Assessment

Quiz

Social Studies

8th Grade

Practice Problem

Hard

Created by

Peta Noyes

Used 41+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics explores

how individuals, groups, businesses and governments interact with each other in markets. It focuses on how resources are allocated to satisfy needs and wants.

how producers interact with consumers by providing goods and services that meet their needs and wants. It focuses on the skills that contribute to business success.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a need would be

food for breakfast - cereal, milk

a school uniform

shelter - somewhere to live

all answers are correct

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

An example of a want is

bread

a car costing less than $40 000

a holiday in a luxury beach resort

computer games

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A _____________refers to a situation where buyers and sellers interact in the organised exchange of economic resources for goods and services.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a good is

bread

visiting a dentist to get your teeth cleaned and polished

your dog getting a bath and groom at the local dog salon

all answers are correct

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

An example of a service is

your dog being bathed and groomed at the local dog salon

visiting a dentist to get your teeth cleaned and polished

visiting an accountant to get your tax done annually

purchasing groceries at Coles through the checkout so you don't have to pack your own bags

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumer is

a person who makes use of goods and services

a business who produces goods

a business that offers a service

no answers are correct

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