Economic Basics

Economic Basics

6th - 8th Grade

30 Qs

quiz-placeholder

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Economic Basics

Economic Basics

Assessment

Quiz

Geography

6th - 8th Grade

Practice Problem

Easy

Created by

Bessy Siguenza

Used 3+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It's a major incentive for both individuals and businesses.

Expansion

Profit

Contraction

Salary

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there are not enough resources to meet people's wants, is called...

Economy

Profit

Scarcity

Tax

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factors of Production are used to produce goods and services.

False

True

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income is the synonym for...

Taxes

Payment

Expansion

Labor

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A nation (the producer) depends on another to provide or produce goods or services that they don't possess.

Diplomacy

Expansion

Opportunity Cost

Economic Interdependence

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It's the loss of production or reduction of it.

Taxes

Contraction

Opportunity Cost

Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Products that people consume or use are called...

food

assets

income

goods

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