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INTRO to Economics

Authored by Krystle Hall

Social Studies

5th - 6th Grade

Used 28+ times

INTRO to Economics
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity? 

Giving something up to have something else
Extra cost of production
The condition that results form having unlimited wants with limited resources
Rise in general level of prices and workers need more money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost? 

Tacos
Maps

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Decisions in the economy are based on buyer/seller choices

Command
Market
Mixed
Traditional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The place where goods and services are exchanged

barter
currency
market
resource

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When something given up for something else is called?

Choice
Capitalism
Inflation
Opportunity Cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economy is where the government has total control of the economy. Businesses are not privately owned.

Command
Traditional
Mixed
Market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy occurs when the government has a little control, and there are also a few privately owned businesses.

Command
Traditional
Market
Mixed

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