Understanding Basic Economics

Understanding Basic Economics

7th Grade

15 Qs

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Assessment

Quiz

Social Studies

7th Grade

Easy

Created by

Jesica Harrington

Used 5+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does economics primarily study?

The study of the choices people make to satisfy their wants and needs

The study of human behavior in isolation

The study of planets and galaxies

The study of historical events

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are considered resources in economics?

Unlimited wants and needs

Only money and gold

Natural resources, capital, and labor

Ideas and thoughts only

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean in economics?

Having unlimited resources

Having a limited supply of resources

The ability to buy anything you want

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a good, not a service?

A book

A music performance

A dental checkup

A haircut

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What drives economic decisions in society according to the text?

Scarcity

Abundance of resources

Government regulations

Individual preferences only

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must a company consider when creating a new video game?

The color of the game cover

The type of game, resources needed, and the target audience

None of the above

Only the cost of advertising

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a service?

A natural resource

A type of software

An action provided to us

A physical product we can hold

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