Intro to Business - Outcome 1

Intro to Business - Outcome 1

9th - 12th Grade

30 Qs

quiz-placeholder

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Intro to Business - Outcome 1

Intro to Business - Outcome 1

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Edward Tatera

Used 2+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics as a social science?

The study of government policies only

The study of how society manages its scarce resources

The study of business profits exclusively

The study of stock markets only

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a 'need' in economic terms?

Something that would be nice to have

Something that can be postponed

Something essential for survival

Something that brings entertainment value

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary motive of most businesses?

Creating jobs

Serving the community

Maximizing profits

Environmental protection

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor is NOT typically considered a basic economic want?

Entertainment

Luxury items

Air to breathe

Fashion trends

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic concept of scarcity means:

Resources are limited compared to human wants

Only poor people face shortages

There isn't enough money in circulation

Products are too expensive

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the economic decision-making process?

Making the final choice

Gathering relevant information

Implementing the decision

Identifying the need for a decision

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What drives the production decisions of businesses in a market economy?

Random selection

Government mandates

Personal preferences of owners

Consumer demand

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