Economics Terms

Economics Terms

7th Grade

22 Qs

quiz-placeholder

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Economics Terms

Economics Terms

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Michael Charles

Used 28+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The wealth of a place as a result of its production and consumption of goods and services...

economy

economic system

market economy

supply and demand

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

a large supply of valuable things is...

goods

supply

wealth

services

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Production is...

the actions of using or purchasing resources

the action of making something

actions performed by people to satisfy other's wants and needs

the manner in which goods and services are produced, distributed, and consumed

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

merchandise or products that are sold in markets to satisfy people's wants and needs are...

wealth

production

services

goods

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

actions performed by people to satisfy other's wants and needs are...

wealth

services

goods

the economy

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

consumption is...

the action of making something

a large supply of valuable things

the actions of selling resources

the actions of using or purchasing resources

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a command economy, production and consumption of goods and services are usually determined by...

everyday individual citizens

private business owners

a central planning group

no one-- there is little planning in command economies

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