Economic Concepts Quiz

Economic Concepts Quiz

9th Grade

21 Qs

quiz-placeholder

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Economic Concepts Quiz

Economic Concepts Quiz

Assessment

Quiz

Business

9th Grade

Practice Problem

Medium

Created by

Sydnie Byrum

Used 2+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The physical assets used to produce goods and services, including machinery, equipment, buildings, and tools.

Capital Goods

Trade-off

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One who actually uses the product or service (also called the final user, or final customer)

Consumer

Total Consumption

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The use of goods and services by people or by the economy in general.

Scarcity

Consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The decrease in the general level of prices in an economy.

Resources

Deflation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To categorize, sort, and transport goods to all their final destinations as efficiently, inexpensively, and carefully as possible.

Distribution

Production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good or service that has a benefit (or utility) to society, has value and therefore can be traded and exchanged using money, and has some degree of scarcity.

Opportunity Cost

Economic Good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something’s usefulness and the degree to which wants are satisfied.

Economic Utility

Noneconomic Want

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