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Economics Basics Lesson 1 Review

Authored by Cheryl Waters

Social Studies

6th - 7th Grade

Used 7+ times

Economics Basics Lesson 1 Review
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15 questions

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1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The value of something given up in a choice or tradeoff is called the _.

factors of production

opportunity cost

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Unlimited human wants create _ in the world because of limited resources.

profit

scarcity

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

A nation's _ is its system of producing, selling, and buying goods and services.

economy

scarcity

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The money an individual or business has left after paying expenses is called _.

capital

profit

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Nations that rely on trade with one another for supplies of scarce resources experience _.

economic interdependence

scarcity

6.

MULTIPLE SELECT QUESTION

1 min • 1 pt

When a factor of production is increased, the result can be a (n) _ of the business.

contraction

expansion

7.

MULTIPLE SELECT QUESTION

1 min • 1 pt

A(n) _ is a system of producing, selling, and buying goods and services.

economy

expansion

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