Intro to Economics: Needs, Wants, Goods, and Services

Intro to Economics: Needs, Wants, Goods, and Services

KG - 12th Grade

15 Qs

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Intro to Economics: Needs, Wants, Goods, and Services

Intro to Economics: Needs, Wants, Goods, and Services

Assessment

Quiz

Social Studies

KG - 12th Grade

Practice Problem

Medium

Created by

Michael Powell

Used 10+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the study of economics?

Money and how it is created.

Focuses on choices about buying, selling, using, and distributing resources.

The government controlling all resources.

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The knowledge gained from studying economics will enable us to

achieve all goals in life.

become rich.

make wiser economic decisions and become more financially literate.

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A key obstacle which influences, and impacts people’s economic choices is

unlimited resources.

the scarcity problem.

the abundance problem.

All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The things people need and want are classified into

goods and services.

wealth and services.

services and choices.

All of the above.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is a need?

Anything used to make a good or service.

Things which are made.

Things we need to survive.

None of the above.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

______________________ is the ability to understand basic economic concepts including saving, investing, debt.

Bankruptcy

Financial literacy

Money literacy

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Things that are made or manufactured . = ______________

Services

Goods

Scarcity

Wants

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