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Economics Basics Lesson 6

Authored by Kay Jackson

Social Studies

5th - 6th Grade

Used 23+ times

Economics Basics Lesson 6
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of what you have to give up is called

demand

opportunity cost

supply

revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability and willingness to produce a good or service is called?

supply

demand

producer

minimum

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people meet their wants and needs

demand

producers

consumers

economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The desire for a certain good or service

demand

supply

consumers

principles

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People or businesses that make and sell goods or services

consumers

producers

economics

supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy in which people make economic

decisions based on their groups, customs and values.

Market economy

command economy

Traditional economy

mixed economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

lowest acceptable level

budget

principles

maximum

minimum

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