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Economics - Unit 6 - Topic 1

Authored by Kelly Fahnestock

Social Studies

3rd Grade

Used 10+ times

Economics - Unit 6 - Topic 1
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11 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When there is not enough of something to meet people's needs or wants?

Scarcity

Abundance

Value

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Something you must have to live.

Wants

Needs

Goods

Service

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Something you would like to have, but do not need to live.

Needs

Profit

Credit

Wants

4.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Which of the following are types of trade?

Barter

Imports

Exports

Specialization

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following means “the value of something you give up when you choose one thing instead of another”?

Opportunity Cost

Value

Scarcity

Currency

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which statements are true, most of the time?

Supply decreases, price decreases

Supply decreases, price increases

Demand increases, supply decreases

Demand decreases, supply decreases

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A producer can also be a consumer.

True

False

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