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ECONOMICS 101

Authored by Robert Morris

Social Studies

5th - 6th Grade

Used 9+ times

ECONOMICS 101
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12 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Not being able to have everything you want due to a small supply is called.......

oppurtunity cost

economy

scarcity

resource

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When you buy one item over another item that has the same value this is called.....

scarcity

profit

corporation

opportunity cost

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When shareholders own stock in a company this is called a......

partnership

scarcity

corporation

opportunity cost

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When two or more people own a company together this is called a......

partnership

scarcity

corporation

opportunity cost

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When you sell something for more than you made it for this is called a....

loss

scarcity

profit

opportunity cost

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When a worker recieves a wage or salary for his/her time working this is called....

loss

scarcity

profit

income

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

How much of a product is available to purchase at a given price is know as........

demand

supply

profit

income

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