
Basic Economic Concepts Quiz
Quiz
•
Mathematics
•
3rd Grade
•
Hard
April Spruiel
FREE Resource
Enhance your content in a minute
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Human Resources?
Materials that come directly from nature
People working to produce goods and services
The next best choice that is given up
People who use resources to make goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Natural Resources?
People working to produce goods and services
The next best choice that is given up
Materials that come directly from nature
People who use resources to make goods
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Opportunity Cost?
People working to produce goods and services
Materials that come directly from nature
The next best choice that is given up
People who use resources to make goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are Producers?
People working to produce goods and services
Materials that come directly from nature
The next best choice that is given up
People who use resources to make goods
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "Scarcity" mean?
Having more than enough resources
Not being able to meet all wants at the same time
Exchanging goods and services
Focusing on the production of selected goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are "Services"?
Goods you can touch
Activities that satisfy people’s wants
The action of exchanging goods
Focusing on one type of product
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "Specialization"?
Exchanging goods and services
Not being able to meet all wants
Focusing on the production of selected goods and services
Goods and services you need or desire
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