7th Grade Economic Vocabulary Quiz

7th Grade Economic Vocabulary Quiz

7th Grade

20 Qs

quiz-placeholder

Similar activities

Economics Vocabulary Introduction

Economics Vocabulary Introduction

6th - 8th Grade

25 Qs

Capitalism Socialism Communism

Capitalism Socialism Communism

9th - 12th Grade

20 Qs

Basic Economic Vocabulary

Basic Economic Vocabulary

9th - 12th Grade

17 Qs

Communism v. Capitalism

Communism v. Capitalism

11th Grade

15 Qs

5.1 ECON Economic Systems

5.1 ECON Economic Systems

9th - 12th Grade

15 Qs

Capitalism, communism and socialism

Capitalism, communism and socialism

9th - 11th Grade

15 Qs

World Economies

World Economies

7th - 8th Grade

15 Qs

Economics Vocabulary

Economics Vocabulary

5th - 7th Grade

19 Qs

7th Grade Economic Vocabulary Quiz

7th Grade Economic Vocabulary Quiz

Assessment

Quiz

History

7th Grade

Medium

Created by

Karenan Smart

Used 18+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Someone who buys products and uses services is called a:

Producer

Market

Consumer

Competition

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ABC Toy Company makes toys to sell in stores. ABC Toy Company is an example of a:

Consumer

Producer

Market

Profit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you decide to study for a math test instead of playing video games, the fun you missed is an example of:

Scarcity

Market Forces

Opportunity Cost

Incentive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there isn't enough of something to satisfy everyone who wants it, this condition is called:

Demand

Supply

Scarcity

Market Forces

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The money a business has left after paying all expenses is called:

Incentive

Profit

Market

Supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In North Korea, the government decides what goods will be produced and how they will be distributed. This is an example of a:

Market Economy

Command Economy

Profit System

Competition Model

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has an economic system where buyers and sellers freely exchange goods and services. This is called a:

Command Economy

Market Economy

Scarcity System

Supply Chain

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?