
Economic Principles Quiz
Authored by Shannon Power
Financial Education
12th Grade
Used 7+ times

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15 questions
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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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