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Basic Economic Concepts Quiz

Authored by Hajara Hajara

Business

7th Grade

Used 1+ times

Basic Economic Concepts Quiz
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics?

Study of historical events

Study of weather patterns

Study of animal behavior

Study of resources and decision-making

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a need?

An optional purchase

Something you desire

Basic requirement for survival

A luxury item

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a want?

Water

Food

Shelter

Toys

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are resources?

Things that cannot be used

Items that are always free

Only natural materials

Inputs required to create outputs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource is water classified as?

Human resource

Economic resource

Manufactured resource

Natural resource

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of a product

The next best alternative forgone

The total money spent

The price of a service

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a renewable resource?

Minerals

Trees

Oil

Gold

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