Economic Vocabulary review

Economic Vocabulary review

7th Grade

12 Qs

quiz-placeholder

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Economic Vocabulary review

Economic Vocabulary review

Assessment

Quiz

Social Studies

7th Grade

Hard

Created by

Tammie Payne

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of capital?

The total value of goods and services bought in a year

An economic system where policies are based on tradition

Anything that gives a person or business economic value

A system driven by supply and demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are capital goods?

 Money given to businesses by the government

Resources, like machines, used to produce other goods and services

The total amount of human skills and knowledge in a society

Farms where people grow food for their families

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is mostly controlled by the government?

Market economy

Traditional economy

Mixed economy

Command economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an economic system describe?

How a society organizes and distributes resources, services, and goods

The ability of individuals to take business risks

The total value of goods and services bought in a year

The trade relationships between countries

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is entrepreneurship?

The ability and willingness of individuals to start businesses or take risks to create new economic opportunities.

The process of farming for family and community use.

The study of different types of economies.

The development of machines for production.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term represents the total value of goods and services bought in a year?

Capital

GDP

Human capital

Market economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is human capital?

The amount of goods and services in a market economy.

The skills, knowledge, and health of the people in a society.

The way businesses use money for production.

The total number of farms in a country.

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