
Economic Terms
Authored by Denitria Morrison
Social Studies
4th Grade
Used 1+ times

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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for something that happens as a result of an action, event, or circumstance?
Economic activity
Interdependence
Consequence
Trade
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the use of resources to buy, sell, produce, or consume goods and services called?
Productivity
Economic activity
Specialization
Standard of living
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is it called when people depend on each other for goods and services they need?
Interdependence
Opportunity cost
Scarcity
Voluntary exchange
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the value of what you have to give up in order to choose something else?
Productive resource
Opportunity cost
Standard of living
Trade
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a resource used to produce a good or service called?
Productivity
Specialization
Productive resource
Voluntary exchange
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How efficiently something can be made; the rate of output per unit of input is known as what?
Scarcity
Productivity
Trade
Economic activity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the lack of resources to provide everything that is needed or wanted called?
Specialization
Interdependence
Scarcity
Standard of living
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