Mr. King's - Economic Terms and Concepts Flash Cards

Mr. King's - Economic Terms and Concepts Flash Cards

7th Grade

25 Qs

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Mr. King's - Economic Terms and Concepts Flash Cards

Mr. King's - Economic Terms and Concepts Flash Cards

Assessment

Quiz

Other

7th Grade

Practice Problem

Easy

Created by

Cody King

Used 19+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people, businesses and countries use limited resources, such as money and materials. There are different types of economic systems that all answer the 3 questions: What to produce, How to produce, For whom to produce?

Economics

Supply

Abundance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People who use the goods and services

human capitol

Demand

Specialization

Consumers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that remains after all the costs of producing a product have been paid

Currency

Abundance

Profit

Surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of items to be sold

Supply

Surplus

Capital Goods

GDP

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of interest in the item

Supply

Demand

Profit

Surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between consumer needs and the amount of items that is available to be sold.

Supply/Demand

Currency

Standard of living

Human Capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Not enough items for the demand

Surplus

Supply

Abundance

Scarcity

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