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Ramirez- Chapter 1 Econ Quiz

Authored by Dana Ramirez

Social Studies

9th - 12th Grade

Used 2+ times

Ramirez- Chapter 1 Econ Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Wants?

Things we would like to buy (toys, video games)

Things we must have to live (air,food, water, shelter,)

Things that people make or grow (clothes, food, car)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Needs?

Things we would like to buy (toys, video games)

Things we must have to live (air,food, water, shelter,)

Things that people make or grow (clothes, food, car)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Scarcity?

Money that people earn

Things we would like to buy (toys, video games)

There is not enough of a resource for everyone who wants it.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Consumer?

Someone who provides goods and services

Things we would like to buy (toys, video games)

Someone who buys things with money

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Producer?

Someone who provides goods and services

Things that people make or grow (clothes, food, car)

Someone who buys things with money

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is.....

...the study of how society decides when, what and how to produce

...the study of supply and demand

...easy and you don't need to know any specific words

...only relevant to large businesses and government

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What book, written by Smith, is considered by many to be the cornerstone of capitalism and was Smith's most famous work?

The Wealth of Nations

Capitalism and its Implications

Economics and Political Systems

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