Economic systems

Economic systems

5th - 7th Grade

•

32 Qs

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Economic systems

Economic systems

Assessment

Quiz

•

Social Studies

•

5th - 7th Grade

•

Medium

Created by

K S

Used 5+ times

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32 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A system of producing, selling, and buying goods and services

Economy

Demand

Gross domestic product

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When there are not enough resources or goods to meet people's needs

Profit

Economy

Scarcity

Supply

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When choosing to make a purchase you sometimes

Give up something else you want/have to get it

trade or barter for it

buy it and sell it

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The tradeoff value of something more desirable

opportunity cost

supply

demand

profit

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

the amount of a good or service that businesses are willing and able to produce

supply

demand

profit

scarcity

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

the desire that people have to obtain a good or service and the number ready to buy it

scarcity

profit

supply

demand

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

the money one has after expenses

demand

profit

scarcity

opportunity cost

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