What Is Economics

What Is Economics

12th Grade

25 Qs

quiz-placeholder

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What Is Economics

What Is Economics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

John Robinson

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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The study of ow people figure out ways to ge things they need and want by making choices.

Need

Economics

Service

Business

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A person who decides how to combine resources to create goods and services

Entrepreneur

Factors of Production

Land

Labor

Capital

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Economics is

People trying to satisfy their needs by making choices

Business operations

Charts and Graphs

The study of currency and geopolitics

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Scarcity is

Limited resources to fulfill unlimited needs

A scary city

People not getting what they want

The problem of human happiness

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

Command Economy

Market Economy

Traditional Economy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The branch of social science that deals with the production, distribution, and consumption of goods and services.

A) Sociology

B) Economics

C) Political Science

D) Anthropology

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes a market economy?

A) Government makes all economic decisions

B) Economic decisions are based on customs and beliefs

C) Economic decisions are made by individuals and businesses

D) Economic decisions are made by a central authority

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