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Economics Basics Quiz

Authored by David Pierce

Social Studies

8th Grade

Used 1+ times

Economics Basics Quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic study of economics about?

The study of natural resources

The study of choices people make to satisfy their wants and needs with limited resources

The study of money and banking

The study of historical events

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 'want' in economic terms?

Something people desire or need to have

A natural resource

An action provided to us

A physical product we can hold and touch

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A book

A movie

A phone

A haircut

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three types of resources in economics?

Wants, needs, and desires

Natural resources, capital, and labor

Money, goods, and services

Products, services, and capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean in economics?

Having no resources at all

Having more resources than needed

Having a limited supply of resources to meet the needs and wants of society

Having unlimited resources to meet the needs and wants of society

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three basic economic questions?

Who will use it?

How will it be produced?

When will it be produced?

What should be produced?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must a company consider when planning to create a new video game?

The age of the workers

The weather conditions

The resources needed, including capital, labor, and natural resources

The color of the game

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