
Economiics Vocabulary Terms Quiz
Authored by Ashley Kirk
Social Studies
9th Grade
Used 1+ times

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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term is used to describe the maximum output that an economic system or economic entity can sustain over a period of time?
Demand
Capital
Capacity
Consumption
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for goods or raw materials that are used in the production of other goods and services?
Money
Commodity
Equity
Capital Gain
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term refers to the rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume?
Scarcity
Competition
Monopoly
Capitalism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount of a product or service that consumers are willing and able to purchase at a given price?
Supply
Consumption
Demand
Capital
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the exclusive possession or control of the supply or trade in a commodity or service?
Equity
Monopoly
Capitalism
Opportunity Cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the cost of the next best alternative use of money, time, or resources when one choice is made over another?
Scarcity
Price
Opportunity Cost
Consumption
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term is used to describe the insufficiency of economic resources to satisfy all human wants and needs?
Capital
Scarcity
Money
Equity
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