Understanding Basic Economics Concepts

Understanding Basic Economics Concepts

4th Grade

•

29 Qs

quiz-placeholder

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Understanding Basic Economics Concepts

Understanding Basic Economics Concepts

Assessment

Quiz

•

Social Studies

•

4th Grade

•

Practice Problem

•

Hard

Created by

LILES PULEO

Used 6+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the amount of a product that producers are willing and able to sell at a given price?

Demand

Supply

Scarcity

Barter

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the desire and ability of consumers to purchase goods and services at different prices?

Supply

Demand

Trade

Market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A car

A haircut

A book

A computer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for physical items that can be bought or sold?

Services

Goods

Resources

Choices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT considered an economic resource?

Land

Labor

Money

Time

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the limited nature of society's resources?

Abundance

Scarcity

Surplus

Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the decision-making process of choosing between different alternatives?

Supply

Choice

Demand

Trade

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