Fundamentals of Economics Vocabulary

Fundamentals of Economics Vocabulary

9th - 12th Grade

20 Qs

quiz-placeholder

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Fundamentals of Economics Vocabulary

Fundamentals of Economics Vocabulary

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Callie Wenslow

Used 141+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

An _________ is something that motivates someone.

resource

incentive

decision

economy

2.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

Which of the following is NOT one of the factors of production?

capital

land

incentives

labor

3.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area is known as the....

standard of living

rational decision

sustainability

specialization

4.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

The idea that we have unlimited wants but limited resources is called...

entrepreneurship

investments

economics

scarcity

5.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

The value of the next-best alternative when a decision is made is the...

capital

opportunity cost

incentive

marginal benefit

6.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

A ______ ______ is an economic system where two forces, known as supply and demand, direct the production of goods and services.

market economy

traditional economy

command economy

7.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

A non-tangible action or activity that is performed for someone else is a ....

good

service

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