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Chapter 1 Review

Authored by Katherine Adams

Business

8th Grade

Chapter 1 Review
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30 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Anywhere a business exchange takes place:

Customer

Market

Scarcity

Business

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Money that a business has left over after all the expenses and costs of running the business are paid.

Capitolism

Service

Profit

Market

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An economic system where the economic resources are privately owned by individuals rather than the government.

Capitalism

Service

Scarcity

Product

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Anything that can be bought and sold.

Market

Product

Service

Factor of production

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When demand is higher than the available resources.

Economics

Business

Service

Scarcity

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An individual or group who buys products.

Business

Customer

Profit

Product

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An action or task that is performed, usually for a fee.

Profit

Factors of production

Customer

Service

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Microsoft

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Apple

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