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Economic Terms

Authored by Cecilia Frazier

Social Studies

3rd Grade

Used 24+ times

Economic Terms
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'supply' mean in economics?

The amount of something that's available to buy

A type of service

A person's desire for something

The amount of money a business makes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'demand'?

How much a product costs

People's desire for a product or service

The amount of goods available

The money made after expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'profit'?

Goods that can be touched

Money made by a business after expenses

Things people need to survive

Services provided for money

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are 'needs'?

Luxury items like expensive shoes

Things people require to survive

Physical objects that can be bought

Freedom of private business to operate

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are 'wants'?

Services that cannot be touched

Essential items for survival

Things a person would like to have but are not necessary for survival

The amount of goods available

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'free enterprise'?

A service that can be touched

Freedom of private business to operate with little government regulation

The desire for a product or service

A type of good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are 'goods'?

are things that are produced. They are physical objects that can be touched.

Things people do for others

People who buy products

The money a business makes after expenses

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