Economics

Economics

8th Grade

32 Qs

quiz-placeholder

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Economics

Economics

Assessment

Quiz

Social Studies

8th Grade

Practice Problem

Hard

Created by

Kristen Donnelly

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the primary difference between a "want" and a "need" as illustrated in the image?

Wants are essential for survival, while needs are not.

Needs are essential for survival, while wants are additional desires.

Wants and needs represent the same concepts in different cultures.

Needs can be postponed, while wants cannot.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Do all people everywhere have the same wants and needs?

Yes, all people have the same wants and needs.

No, wants and needs vary among different people.

Yes, but only needs are the same everywhere.

No, only wants are the same everywhere.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, what are resources?

Tools and machines only

Money and wealth

Things that can be used to make what we want

Professional skills

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

The abundance of resources

The lack of skilled labor

The problem of having not enough resources to produce everything we want

The distribution of wealth

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economic system?

A government's way of collecting taxes

A method of distributing resources

A way of producing the things people need and want

A system for political governance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three important decisions in an economic system?

WHAT to produce

WHERE to produce

HOW to produce

WHO gets the goods and services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of a traditional economy?

Wealth accumulation

Survival

Technological advancement

Global trade

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