Economic Concepts

Economic Concepts

12th Grade

28 Qs

quiz-placeholder

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Economic Concepts

Economic Concepts

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Jeffery Hall

Used 1+ times

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28 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select example of needs from below

Food

Water

iphone

shelter

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

(Check all that apply) What is the basic difference between a produced Good and a Service?

A good is tangible (concrete) while a service is intangible (abstract)

A good is something that can be touched/felt while a service is something that cannot be touched/felt

A good is always good while a service is often bad.

A good is considered a factor of production and so is a service.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People who use goods and services to satisfy needs and wants are known as

Producers.

Traders.

Consumers.

Americans.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is owned and operated by one individual

Sole Proprietorship

Limited Partnership

Partnership

General Partnership

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is your businesses legal name and is the name you use on your government forms and business paperwork

Trade Name

Business Name

Domain Name

Service Name

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the motive of business?

to compete with other businesses

to make a profit

to provide goods and services

to offer competitive prices

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To avoid failure, a business can modify

its business practices

its products

its services

all of the above

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