Economic Principles Quiz

Economic Principles Quiz

12th Grade

15 Qs

quiz-placeholder

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Economic Principles Quiz

Economic Principles Quiz

Assessment

Quiz

Financial Education

12th Grade

Easy

Created by

Shannon Power

Used 7+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Things used to make something

Factors of Production

Quantity

Demand

Labor

2.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

The man-made factor of production that is used by labor (workforce) in making other products (objects)

Capital

Natural Resources

Labor

Entrepreneurship

3.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Resources found in nature that go into the production of a good/service (water, air, land, minerals)

Natural Resources

Capital

Labor

Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Any form of human efforts exerted (performed) in production (People)

Labor

Capital

Entrepreneurship

Natural Resources

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

 The individual(s) responsible for combining all of the factors of production and assume the most risk. (Person(s))

ex. Sharks on Shark Tank

Entrepreneurship

Capital

Labor

Natural Resources

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

An economy in which there are many buyers and sellers of the same good or service.

Competitive Market

Supply

Demand

Quantity

7.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

The amount of a resource that firms and producers are willing and able to provide to the marketplace or to an individual.

Supply

Demand

Quantity

Competitive Market

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