Basic Economic Concepts Quiz

Basic Economic Concepts Quiz

3rd Grade

18 Qs

quiz-placeholder

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Basic Economic Concepts Quiz

Basic Economic Concepts Quiz

Assessment

Quiz

Mathematics

3rd Grade

Hard

Created by

April Spruiel

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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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