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Economics Quiz

Authored by Gayle Upson

Social Studies

3rd Grade

Used 5+ times

Economics Quiz
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10 questions

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1.

MATCH QUESTION

10 mins • 10 pts

Match the word with the definition

the cost of giving something up to buy or do something else instead

natural resources

things found in nature that we use in production

demand

how much of something is available

opportunity cost

how much of something people want

profit

the difference between when a product is sold and the amount it cost to produce the product

supply

2.

MATCH QUESTION

10 mins • 10 pts

Match the following word to the correct definition.

people who take risks to start a business

interdependence

the people who produce goods and give services

scarcity

the dependence of producers and consumers on each other for goods and resources

entrepreneur

when the supply of a good or service is not enough to meet the demand for it

human resources

work that a person does for someone else

service

3.

MULTIPLE CHOICE QUESTION

10 mins • 10 pts

A person who takes a risk to start their own business

human resource

entrepreneur

capital resource

profit

4.

MULTIPLE CHOICE QUESTION

10 mins • 10 pts

The difference between the amount of money made from selling a product and the amount it cost to produce the product.

interdependenci

demand

profit

supply

5.

MULTIPLE CHOICE QUESTION

10 mins • 10 pts

When the supply of a good or service is not enough to meet the demand for it.

Interdendence

Scarcity

Specialization

Profit

6.

MULTIPLE CHOICE QUESTION

10 mins • 10 pts

Business that sell just one type of product or provide one type of service.

specialization

scarcity

human resource

supply

7.

MULTIPLE CHOICE QUESTION

10 mins • 10 pts

The amount of quantity of an item that is available.

profit

scarcity

human resource

supply

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