Year 7 Economics Key Concepts Review

Year 7 Economics Key Concepts Review

7th Grade

25 Qs

quiz-placeholder

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Year 7 Economics Key Concepts Review

Year 7 Economics Key Concepts Review

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Easy

Created by

M.W. Evans

Used 2+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to in economics?

Having unlimited resources

Making decisions without consequences

Limited resources to meet unlimited wants

Choosing the best alternative

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of producing goods

The value of the next best alternative given up

The price paid for a product

The amount of money earned

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are consumers?

People who create goods

Businesses that sell products

Individuals who purchase goods and services

Government agencies

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of producers?

To buy goods

To regulate markets

To create goods and services

To consume products

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a market?

A place where only producers meet

A location for government decisions

Where buyers and sellers exchange goods and services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a business type?

Consumer

Corporation

Entrepreneur

Market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does entrepreneurship involve?

Avoiding risks

Copying existing businesses

Innovation and risk-taking

Working for someone else

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