Economics Quiz
Authored by Jim Rivello
Professional Development
12th Grade
Used 4+ times
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are basic requirements for survival, such as food, water, and shelter, called?
Wants
Needs
Goods
Price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are physical products that can be purchased, such as clothes or electronics, known as?
Goods
Services
Producers
Trade-off
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for individuals or groups that use goods and services?
Producers
Consumers
Incentives
Demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are the people or entities that create goods or services?
Consumers
Producers
Market Economy
Mixed Economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount of a product that is available to consumers?
Demand
Supply
Price
Trade-off
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount of money required to purchase a good or service?
Price
Marginal Cost
Trade-off
Incentives
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are factors that motivate individuals to perform an action?
Incentives
Needs
Goods
Services
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