Economics Study Guide

Economics Study Guide

7th Grade

•

27 Qs

quiz-placeholder

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 Economics Study Guide

Economics Study Guide

Assessment

Quiz

•

History

•

7th Grade

•

Practice Problem

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Medium

Created by

Sarah Barnette

Used 38+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

An economic system based on customs, history, and traditions. Often has phrase, "that's the way we have always done it."

Natural Resource

Traditional

Capitalism

Barter System

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economic system where government controls the means of production. Has phrase "we do as we are told".

Traditional
Command
Free-Market
Mixed

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economic System based on private ownership or property and supply/demand determine the production of goods and services.

Traditional
Command
Free-Market
Mixed

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which condition would lead an entrepreneur in Market economy to set the highest prices?

There is a high demand from consumers, yet the supply is low
There is a low demand from consumers and the supply is high
There is a low demand from consumers and the supply is low

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Someone who makes a good or supplies a service

Pirate

patent

profit

producer

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Prior to the Industrial Revolution, cars were very expensive and only the rich could purchase them. Why did mass-production of the car allow everyone, not just the rich, to purchase it?(Think supply and demand)

The middle class demanded a cheaper car, so Ford mass-produced cars.
Mass-production increased the supply of cars and the price of cars dropped as a result.
The assembly slowed down the production of cars, which made them more expensive.

The AUW striked

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Use the list to answer the question. Which Economic System is being described?

Traditional
Command
Free Market

Goods

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