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Economics Basics

Authored by Allison Mimnaugh

Business

5th Grade

Used 16+ times

Economics Basics
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the following definition? The study of the production, distribution, and consumption of goods and services.

Economics

Biology

Psychology

Geography

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the following definition? Goods and services that are essential, such as food, clothing, and shelter.

Needs

Wants

Luxuries

Preferences

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the following definition? A good or service we wish for but do not need for survival.

Wants

Needs

Resources

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: ________ are products that satisfy an economic need or want (Products people buy & sell).

Goods

Services

Ideas

Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: ________ is an action or work that someone provides to help others that does not involve goods.

Services

Products

Materials

Equipment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: ________ is a person who buys and uses up goods.

Consumer

Producer

Supplier

Manufacturer

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: ________ is a person who starts their own business or industry.

Entrepreneur

Employee

Manager

Customer

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