Economic Terms

Economic Terms

4th Grade

11 Qs

quiz-placeholder

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Economic Terms

Economic Terms

Assessment

Quiz

Social Studies

4th Grade

Practice Problem

Hard

Created by

Denitria Morrison

Used 1+ times

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11 questions

Show all answers

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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