Economics Fundamentals Vocabulary Quiz

Economics Fundamentals Vocabulary Quiz

12th Grade

21 Qs

quiz-placeholder

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Economics Fundamentals Vocabulary Quiz

Economics Fundamentals Vocabulary Quiz

Assessment

Quiz

Other

12th Grade

Easy

Created by

Jamie Durrence

Used 1+ times

FREE Resource

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who starts up and takes on the risk of a business

Entrepreneur

Scarcity

Natural Resource

Voluntary Exchange

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Raw materials from nature that are used to produce goods

Entrepreneur

Scarcity

Wants

Natural resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Desires that can be satisfied by consuming a good or service

Wants

Entrepreneur

Scarcity

Voluntary Exchange

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle that people may decide what, when, and how they want to buy and sell

Voluntary Exchange

Wants

Scarcity

Natural Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The limited nature of society's resources

Scarcity

Wants

Entrepreneur

Natural Resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A penalty that discourages a behavior

Traditional Economy

Marginal Benefits

Negative Incentive

Positive Incentive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The methods societies use to produce and distribute resources.

Opportunity Cost

Marginal Cost

Economic Systems

Physical Capital

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