Economics Vocabulary 1
Authored by Sarah Chapman
Social Studies
6th - 7th Grade
Used 7+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an economic system?
An organized way a society uses to produce, distribute, and consume goods and services.
Consumers’ willingness and ability to purchase a product or service.
A product that people in one country sell to people in another country.
Equipment or goods that are used to produce other goods and services.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What is the difference between import and export?
Import is when a country buys goods from another country
Import is when a country sells goods to another country
Export is when a country buys goods from another country
Export is when a country sells goods to another country
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The act or process of trying to get or win something that someone else is also trying to get or win.
Productivity
Economic System
Competition
Profit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers’ willingness and ability to purchase a product or service.
Demand
Supply
Export
Import
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of product or service that is available for consumers to buy.
Scarcity
Demand
Supply
Trade
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A factory is an example of what kind of resource?
Human Resource
Capital Resource
Natural Resource
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trees are an example of what kind of resource?
Natural Resource
Capital Resource
Human Resource
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