Understanding Basic Economic Concepts

Understanding Basic Economic Concepts

8th Grade

24 Qs

quiz-placeholder

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Understanding Basic Economic Concepts

Understanding Basic Economic Concepts

Assessment

Quiz

Social Studies

8th Grade

Medium

Created by

Krista Reynoldson

Used 1+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an opportunity cost?

The price you pay for an item

The benefits you miss out on by choosing one option over another

The cost of an opportunity

A type of savings account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economy?

A system of producing, selling, and buying goods and services

The money saved in a country’s bank

The way people use credit cards

A type of government

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do producers decide what they are going to make?

By guessing what people might like

By looking at what consumers want and need

By making whatever costs the most money

By choosing items they prefer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What two things make up market forces?

Supply and demand

Needs and wants

Inflation and interest

Resources and deposits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy depends on bartering?

Traditional economy

Command economy

Market economy

Mixed economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy depends on farming and hunting to supply needs?

Traditional economy

Command economy

Market economy

Mixed economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy does the government have little control over?

Command economy

Market economy

Traditional economy

Mixed economy

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