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Basic Economic Terms

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Basic Economic Terms
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Services

Actions that someone does for someone else, like haircuts or car repairs.

Products that are sold in stores.

Items that are manufactured in factories.

Tasks that can be completed independently.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price

The amount of money needed to buy something.

A type of currency used in transactions.

The total cost of production for an item.

A discount applied to the original cost.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trade

Media Image

A type of investment strategy

A method of communication between countries

A form of entertainment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Import

Media Image

To export goods or services to another country

To sell products within the same country

To manufacture products locally

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Export

Media Image

To receive goods or services from another country

To produce goods for local consumption

To store goods in a warehouse

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Community

A group of people living in the same area who share things in common.

A collection of random individuals with no shared interests.

A type of social media platform for networking.

A geographical location with no inhabitants.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand

How much of something people want.

The total supply of goods available.

The price at which goods are sold.

The amount of money consumers are willing to spend.

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