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Economics Basics Quiz

Authored by Barbra Villalba

Social Studies

6th Grade

Used 40+ times

Economics Basics Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economics?

The performance of duty or work for another person

An organized money system

The study of how people meet their wants and needs

The careful and wise use of resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are goods?

Physical products

Helpful or valuable actions

The cost of what you have to give up

The difference between the amount earned and the amount spent

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are services?

Physical products

Helpful or valuable actions

The difference between the amount earned and the amount spent

The cost of what you have to give up

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are producers?

People who create or produce goods or provide services

The cost of what you have to give up

Those who buy goods and services

The difference between the amount earned and the amount spent

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are consumers?

The difference between the amount earned and the amount spent

Those who buy goods and services

The cost of what you have to give up

People who create or produce goods or provide services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is profit?

The careful and wise use of resources

The study of how people meet their wants and needs

A financial gain

The performance of duty or work for another person

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The study of how people meet their wants and needs

The cost of what you have to give up

The careful and wise use of resources

A financial gain

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