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Economy Part 1

Authored by Derek Washburn

Social Studies

9th - 12th Grade

Used 10+ times

Economy Part 1
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14 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Wants

Things that you must have to survive.

Things that you really would like to have.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which one is NOT one of the 4 factors of production?

Land

Labor

Weather

Capital

Entrepreneurs

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Needs

Things that you must have to survive.

Things that you would really like to have.

4.

OPEN ENDED QUESTION

2 mins • Ungraded

Describe to me in your own words the difference between Macroeconomics and Microeconomics.

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5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

When a good or service is NOT available or is in shortage, what economic term do we use to describe this?

6.

OPEN ENDED QUESTION

1 min • Ungraded

Give me one "opportunity cost" for being with me on this Zoom today.

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7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Free Market Economy

An economy that is planned with no competition.

An economy that is completely controlled by the government with no private property or ownership.

An economy that is completely free of government influence and is privately owned by people. Buyers and sellers act in their own interest and with completion and profit driving the prices.

An economy that is driven by supply and demand but is often influenced by the government with incentives, taxes and subsidies.

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