SCM I-UNIT 1-Economics

SCM I-UNIT 1-Economics

11th Grade

17 Qs

quiz-placeholder

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SCM I-UNIT 1-Economics

SCM I-UNIT 1-Economics

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Celeste Trott

Used 10+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Concerned with economic products-goods and services that are useful, relatively scarce, and transferable to others.

Economics

Psychology

Management

Supply Chain

2.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The amount of a good that is available for purchase.

Supply

Shortage

Surplus

Shipping

3.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Any goods manufactured to last longer than 3 years with regular use.

Service

Consumer good

Nondurable good

Durable good

4.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Takes place in production, when workers perform only tasks they can do better or more efficiently than others.

Innovation

Specialization

Division of labor

Specific tasks

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

This is given up when another choice is made.

Opportunity cost

Trade off

Debt

Strategy

6.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

A person that makes or grows items or provides a service to others.

Producer

Director

Consumer

Agent

7.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The amount of money that a consumer is will to pay for a good or service.

Price

Payment

Purchase

Penalty

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