Topic 11: Economic Basics

Topic 11: Economic Basics

6th - 8th Grade

10 Qs

quiz-placeholder

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Topic 11: Economic Basics

Topic 11: Economic Basics

Assessment

Quiz

Social Studies

6th - 8th Grade

Hard

Created by

Brian York

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economy?

a system of producing, selling, & buying goods an services

a system of trading off something for something more important

a situation where you don't have enough money to go to the movies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

money an individual makes from a job

the issue of having unlimited human wants in a world of limited resources

value of the thing that we give up

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an opportunity cost?

additional money that is made from a unique opportunity

problem of having more wants than available resources

system of buying or selling goods

the value of the thing that is given up when a choice is made

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

the desire for a good or service

the amount of money you have left after expenses are paid

the amount of a good or service that is available for purchase

the popularity of a good or service

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is demand?

the desire to have a good or service and the number of people ready to buy it

system of buying and selling goods and services

the issue of running out of supplies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____________ are things that people make or use to satisfy their needs and wants.

Goods

Services

Producers

Consumers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________________ are activities that satisfy people’s needs and wants.

Goods

Services

Needs

Wants

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