Economic Systems and Supply and Demand Retake Requirement

Economic Systems and Supply and Demand Retake Requirement

9th - 12th Grade

30 Qs

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Economic Systems and Supply and Demand Retake Requirement

Economic Systems and Supply and Demand Retake Requirement

Assessment

Quiz

Business

9th - 12th Grade

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Created by

Christina Velazquez

Used 4+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who answers the basic economic questions in a Traditional Economic System?

The individual

Traditions and customs

The government

Employers

2.

DRAG AND DROP QUESTION

30 sec • 1 pt

The ​ (a)   invests money into machines known as ​ (b)   and hires workers known as ​ (c)   to bring the raw materials known as ​ (d)   together to produce goods and services

entrepreneur
capital
labor
land
money

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Which of the following best represents a Traditional Economic System? There is more than one right answer.

The Inuit People

New Zealand

The Amish

North Korea

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which one is NOT one of the basic economic questions?

Why would we produce it?

What are we going to produce?

How are we going to produce it?

For whom are we going to produce it?

5.

MATCH QUESTION

1 min • 5 pts

Media Image

Match the following

one that utilizes economic goods

consumer

the state of being scarce or in short supply; shortage.

demand

the desire of purchasers, consumers, clients, employers, for a particular commodity, service,

scarcity

the loss of potential gain from other alternatives when one alternative is chosen.

opportunity cost

make (something needed or wanted) available to someone; provide.

supply

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following would be considered a need?

iPhone 14

Kia Rio 2017

Apartment

Honda Accord Coupe 2023

PS5

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is based heavily on individual choice?

Mixed

Command

Market

Traditional

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