Lesson 6: Economics Basics

Lesson 6: Economics Basics

7th Grade

10 Qs

quiz-placeholder

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Lesson 6: Economics Basics

Lesson 6: Economics Basics

Assessment

Quiz

Geography

7th Grade

Medium

Created by

Natalie Madsen

Used 207+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Societies must answer three basic economic questions. Which of the following is NOT one of those questions?

What goods and services should be produced?

Where should consumers buy products? In store or online?

How should goods and services be produced?

Who uses or consumes those goods and services?

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

The factors of production are

Land

Labor

Capital

Government

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

What term is defined here?

The desire for a certain good or service

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

People or businesses that buy, or consume, goods or services are

Consumers

Producers

Citizens

Presidents

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

People make economic decisions based on their group’s customs and values - usually involves hunting or farming

Traditional Economy

Market Economy

Mixed Economy

Command Economy

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Which characteristics describe a COMMAND economy?

Government regulation

Low unemployment

Economic freedom

Innovative technology

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which economic system is described here:

Advantages: Freedom of choice, but with some protection

Disadvantages: Some regulations or higher taxes

Traditional

Market

Mixed

Command

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