Basic Economic Concepts Quiz
Authored by Courtney Thomas
Business
7th - 12th Grade
Used 4+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Define wants
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Define needs
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
3.
FILL IN THE BLANK QUESTION
30 sec • 5 pts
------------ are the inputs that are required to create outputs which are products and
services.
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of these is a want?
5.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
Choose ALL of the needs below:
Lunch
A basketball
Clean water
iPad
6.
OPEN ENDED QUESTION
3 mins • 5 pts
Which do you think is more important: needs or wants? Why?
Evaluate responses using AI:
OFF
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
This is a _______
Good
Service
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