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Econ Vocab

Authored by John Robinson

Social Studies

7th Grade

Econ Vocab
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

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If the government of a country makes most of the economy decisions.  Where would this country be on an economic continuum line?

Very close to the command end.

Very close to the market end.

In the middle, but closer to the market.

Exactly in the middle.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an opportunity cost?

The value of the next best option that is not selected when a choice is made.

There is not enough of it.

Things people make to earn money

Actions people do to earn money.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the value of the next-best alternative when you make a trade-off?

Fruit snacks

Opportunity Cost

Scarcity

Second-Best

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Makes goods or provides services

production

natural resource

private sector

producer

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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the act of buying and selling of goods

sales

commerce

buylation

free enterprise

6.

MATCH QUESTION

1 min • 1 pt

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EXIT TICKET: Match the following

Opportunity Cost

rewards or penalties that influence an individual to make or avoid a specific choice.

Economics

a social science

that studies how people, acting individually and in groups, decide to use

scarce resources to satisfy their wants.

Incentives

Behind each choice, there is an alternative choice that could have

been made. The value of that second-best option.

Scarcity

an economic problem of humans having limited resources while

also having unlimited needs and wants

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

People who buy or use goods or services

supplier

goods

consumer

producer

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