Economics Vocabulary #1

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Other
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7th Grade
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Easy
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics
the study of choices involving goods
the analysis of financial markets
the management of government resources
the evaluation of consumer behavior
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Production
How do we make goods? Think 'Making Things'
By using raw materials and labor
Through automated machinery only
By outsourcing to other countries
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Distribution
By using social media to promote products
By exchanging goods directly between producers and consumers
By getting things to people through various channels
By relying solely on online sales platforms
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumption
How do we buy and use goods? Think 'Buying Things'
What is the process of producing goods?
How do we sell goods to consumers?
What is the role of advertising in consumption?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods
Items purchased to satisfy needs and wants (televisions, computers, etc.)
Items that are always free of charge
Items that are only available in stores
Items that cannot be owned
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Services
Activities that are created and sold as they are produced (mowing a lawn, washing a car, etc.)
Products that are manufactured and sold in stores
Items that are bought and sold in a marketplace
Goods that are stored and distributed through warehouses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital Resource
The tools, equipment, and buildings that are used to produce goods and services
The money used to purchase raw materials
The labor force involved in production
The natural resources extracted from the earth
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