
Economics Summative Review
Authored by Jeri Chafin
Social Studies
6th Grade
Used 6+ times

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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is ecnomics?
The study of history and culture
The study of mathematics and science
The study of production, distribution, and consumption of goods and services
The study of art and literature
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three basic questions answered by an economic system?
What to buy? How to sell? Where to live?
When to start? How to end? Why to continue?
What to produce? How to produce? For whom to produce?
Who to hire? What to eat? Where to travel?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who makes the decisions in a command economic system?
Consumers and producers
Government
Social roles and customs
Entrepreneurs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who makes the decisions in a traditional economic system?
Consumers and producers
Government
Social roles and customs
Entrepreneurs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who makes the decisions in a market economic system?
Consumers and producers
Government
Social roles and customs
Entrepreneurs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the 4 factors of production?
Mechanical resources, GDP, labor unions, entrepreneurs
Natural resources, capital recourses, labor resources, entrepreneurs
Bridges and buildings, capital letters, labor resources, college professors
Bus drivers, school teachers, rocket ships, trains and cars
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between "Wants" and "Needs"?
Wants are necessary for survival; Needs are not
Wants and Needs are the same
Wants are not necessary for survival; Needs are
Needs are always more expensive than Wants
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