
Economic Systems Assessment
Authored by Gilbert Tyler
Social Studies
7th Grade
Used 24+ times

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26 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 4 pts
Scarcity means limited __________ and unlimited __________.
Resources
Money
Wants
Needs
2.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
The point where supply and demand meet is called __________.
3.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Goods are physical items you can __________ or __________.
Goods are physical items you can __________ or __________.
4.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Services are activities someone does for __________.
Services are activities someone does for __________.
5.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
When there is little or no competition, prices tend to __________.
When there is little or no competition, prices tend to __________.
6.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
What does scarcity mean?
Limited availability of resources to meet unlimited wants.
The concept of having unlimited resources for limited needs.
The ability to fulfill all wants without limitations.
Refers to the abundance of resources available.
7.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
When something is scarce, people must make a __________.
choice
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