
Econ--Markets Level 1 Quiz
Authored by Dustin Rimmey
Social Studies
9th - 12th Grade
Used 3+ times

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15 questions
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1.
MATCH QUESTION
1 min • 4 pts
Match the Term and Definition or Example
The act of using goods or services
Consumption
Efficiency in using resources to produce
Productivity
Process of creating goods or services
Interdependence
Mutual reliance or dependence
Production
2.
MATCH QUESTION
1 min • 4 pts
Match the following terms to their definitions/examples
Limited resources compared to unlimited wants
Specialization
Focusing on a specific task or skill
Import
Goods or services brought into a country from abroad for sale
Incentives
Things that encourage people to act in a certain way
Scarcity
3.
MATCH QUESTION
1 min • 4 pts
Match the following terms to their definitions/examples
Interaction of buyers and sellers in the market
Prices
Trade without restrictions or barriers
Globalization
Integration of economies and cultures
Export
Sending goods or services to another country
Free Trade
4.
MATCH QUESTION
1 min • 5 pts
Match the following terms to their definitions/examples
Supply and demand in balance
Compaative Advantage
Excess Supply
Export
The ability of a country to produce a good at a lower opportunity cost than another country
Opportunity Cost
The value of the next best alternative that is given up when making a decision
Surplus
Goods for sale in other countries
Market Equilibrium
5.
MATCH QUESTION
1 min • 4 pts
Match the following term to its definition or example
Distribution of resources according to a plan or set of priorities
Resource Allocation
Government tax on imports or exports
Tarriff
Limit on the quantity of a good that can be imported or exported
Monopoly
Exclusive control of a commodity or service in a particular market
Quota
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some advantages of specialization in international trade?
Increased competition
Diversification of products
Economies of scale
Lower labor costs
7.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
Specialization fosters cooperation and mutual benefit among nations, contributing to economic stability and prosperity. True or False?
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