Economic Vocabulary

Economic Vocabulary

7th Grade

8 Qs

quiz-placeholder

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Economic Vocabulary

Economic Vocabulary

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Tracie Eisbacher

Used 25+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All natural and man-made materials (things) used in the production of goods and services.

Needs

Supply

Resources

Wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If prices rise but wages (pay) does not, it makes it harder to afford basic needs. This is called _________________.

Demand

Resource

Need

Inflation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inability to satisfy all needs and wants at the same time due to (because of) limited resources.

Scarcity

Supply

Goods

Want

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Objects that can satisfy people's needs and wants.

Needs

Scarcity

Goods

Wants

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Activities performed by people, firms, or government agencies to satisfy economic needs and wants.

Goods

Supply

Services

Demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Human activities concerned with the production, distribution, and consumption of goods and services.

Resources

Scarcity

Goods

Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that is used to make more money; money that is invested in a business.

Economy

Demand

Capital

Goods

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A theory (assumption) explaining the interaction between the supply of a resource and the demand for that resource.

Needs and Wants

Resources

Goods and Services

Supply and Demand