
Economic Concepts and Principles
Authored by Atish Lilmohun
Social Studies
8th Grade
Used 4+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is economics primarily concerned with?
The study of money and banks
The study of choices in a world of scarcity
The study of government policies
The study of inflation and the economy
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the central economic problem?
How to make everyone rich
How to allocate limited resources to satisfy unlimited wants
How to control inflation
How to manage international trade
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is NOT one of the three key questions addressed in economics regarding the economic problem?
What to produce?
How to produce?
When to produce?
Who to produce for?
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What are the resources used to produce goods and services known as?
Economic agents
Factors of production
Consumer spending
Capital goods
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which factor of production includes natural resources like oil, gold, or land for farming?
Labour
Capital
Enterprise
Land
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A teacher in a school or a pilot on a plane are examples of which factor of production?
Labour
Land
Capital
Enterprise
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What term describes manufactured aids to production, such as ovens in a bakery or power stations?
Land
Labour
Capital
Enterprise
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