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FBLA Economics

Authored by John Robinson

Social Studies

6th Grade

FBLA Economics
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The making, buying and selling of goods and services

economics

inflation

market

barter

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of resources such as money, materials, and labor

economics

services

producers

goods

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The resources required to make a product (good or service)

economics

consumption

four factors of production

scarcity

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A general increase in prices

price

inflation

scarcity

demand

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity

supply

demand

inflation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of economy is run by the businesses & business owners?

Command

Mixed

Communist

Market

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The concept of opportunity cost is best described as

A) The cost of the next best alternative foregone

B) The total cost of all alternatives

C) The cost of production

D) The cost of goods sold

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