What is Economics?

What is Economics?

8th Grade

15 Qs

quiz-placeholder

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What is Economics?

What is Economics?

Assessment

Quiz

Social Studies

8th Grade

Hard

Created by

Brendon Rager

Used 16+ times

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15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Select the basic economic question(s)

What good/service will be produced?

How will goods/services be produced?

Who is going to buy the good/service?

Where will people buy goods/services?

What price should goods/services be sold for?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Desire individuals and nations have that can be met by getting a good or service

Want

Economics

Resource

Scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how individuals and nations make choices about the ways to use scarce resources to fulfill their needs and wants

Want

Economics

Resource

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A thing that can be used--natural resources, labor, capital--to make goods or services

Want

Economics

Resource

Scarcity

Answer explanation

Labor would include the people that work to produce goods/services. Capital would include buildings and tools that are used to produce goods/services (like a factory or computers)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there are not enough resources to produce all of the things we would like to have

Want

Economics

Resource

Scarcity

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

___________ is an economic system in which the decisions of what, how, and for whom to produce are based on custom or tradition/habit

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

___________ is an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

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