Strand IV Recap

Strand IV Recap

8th Grade

12 Qs

quiz-placeholder

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Strand IV Recap

Strand IV Recap

Assessment

Quiz

History

8th Grade

Practice Problem

Medium

Created by

Joshua Hollifield

Used 3+ times

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12 questions

Show all answers

1.

MATCH QUESTION

1 min • 1 pt

Match the following

Opportunity Cost

Making a selection from a set of alternatives.

Consumption

The inability to meet all wants and needs at the same time. Leads to choices.

Scarcity

The using of goods and services.

Choice

What is given up when a choice is made.

Production

The making of goods and services.

2.

MATCH QUESTION

1 min • 1 pt

Match the following types of resources (the things that go into producing a good or service)

Capital

The labor and skill that goes into production.

Entrepreneurial

The idea and risk that goes into production.

Natural

The money and items such as machines and location that go into production.

Human

The raw materials that we get from the Earth that go into production.

3.

CATEGORIZE QUESTION

3 mins • 1 pt

Place the following under the correct category

Groups:

(a) Questions All Economies Must Answer

,

(b) Not Questions Every Economy Must Answer

For whom will it be produced?

What will be produced?

What are the taxes on what is produced?

How will it be produced?

How much will it cost to be produced?

What will the price be of what is produced?

4.

CATEGORIZE QUESTION

3 mins • 1 pt

Organize these options into the right categories

Groups:

(a) Free Market

,

(b) Command

,

(c) Mixed

,

(d) Traditional

Very simple form of economy

Very limited form of economy

Little to no government involvement

Based on custom and historical precedent

Little to no choice

Owned and planned centrally.

Consumers in charge

Form of economy in the United States

Based on competition and consumer sovereignty

Most popular form of economy

Shared decision-making between government and people

Government in charge

5.

DRAG AND DROP QUESTION

1 min • 1 pt

The form of economy a nation has is based upon ​ (a)  

government involvement
taxes
income
population size

6.

MATCH QUESTION

1 min • 1 pt

Match the following

Free Enterprise

Rivalry between producers of a good or service leads to lower prices, higher quality, and more choices.

Profit / Profit Motive

Earnings after a business has paid all expenses.

Competition

Individuals and businesses may own things without too much government involvement.

Private Property

Consumers determine what is made based on what they buy

Consumer Sovereignty

Markets are allowed to operate without too much influence by government.

7.

DRAG AND DROP QUESTION

1 min • 1 pt

(a)   is the amount of a good or service that a business will make based on price. ​ (b)   is the amount that consumers will buy based on price. The interaction of supply and demand determines ​ (c)   The price where supply and demand meets and profit is the highest is called ​ (d)  

Supply
Demand
Price
equilibrium price
choice
opportunity cost
taxes

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