What is an opportunity cost?
Understanding Basic Economic Concepts

Quiz
•
Social Studies
•
8th Grade
•
Medium
Krista Reynoldson
Used 1+ times
FREE Resource
24 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
Institutions

Quiz
•
8th Grade
20 questions
WORLD GEO- Unit 2 Vocabulary

Quiz
•
6th - 8th Grade
20 questions
Culture, Economy, and Government Quiz

Quiz
•
6th - 12th Grade
25 questions
Economics Unit 1 Test Review

Quiz
•
8th Grade
20 questions
Financial Literacy Quiz

Quiz
•
6th - 8th Grade
20 questions
Personal Finance

Quiz
•
6th - 8th Grade
21 questions
CE.12 Review

Quiz
•
7th - 8th Grade
20 questions
Economics Summative Review

Quiz
•
8th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade