Economics - AM Systems '21
Authored by Aliess John
Social Studies
8th - 12th Grade
Used 4+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of how people satisfy unlimited needs/wants with limited resources...
True
False
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Supply is defined as: The amount of a good or service that individuals are _______________ & ________________ to offer
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economic concept of scarcity deals with which of the following concepts
Too many purchasing options
Finite amount of goods/services
High demand for a product
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The Law of Supply states that: as price goes _________ , supply goes __________.
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The Law of Demand states that: as _______ goes up, _________ goes down.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand elasticity means that the demand of a particular good/product is not impacted by price
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand Inelasticity means that the demand for a particular good/services is not impacted by changes in price
True
False
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