Market Concepts and Economic Principles

Market Concepts and Economic Principles

Assessment

Interactive Video

Business

9th - 10th Grade

Practice Problem

Hard

Created by

Patricia Brown

FREE Resource

The video tutorial introduces the concept of markets, explaining their definition, evolution, and the role of technology in modern markets. It discusses the participants in the economy, such as households and businesses, and how they interact in the market for goods and services. The tutorial covers the factors determining consumer prices, namely supply and demand, and provides an overview of the four factors of production: entrepreneur, natural resources, capital, and human resources. It also explains the types of remuneration for these factors, such as rent, interest, and profit. The video concludes with a discussion on factor markets and related activities for students.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How has technology changed the traditional concept of markets?

Technology has no impact on markets.

Markets can now operate without a specific physical location.

Technology has made markets obsolete.

Markets are now only physical locations.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the market for goods and services, what do households provide to businesses?

Goods and services

Technology

Money

Land

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two main factors that determine consumer prices?

Government policies and taxes

Technology and innovation

Demand and supply

Advertising and marketing

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Technology

Entrepreneurship

Natural resources

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the remuneration for natural resources?

Profit

Wages

Interest

Rent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates an entrepreneur to start a business?

Interest

Profit

Wages

Rent

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the factor market also known as?

Technology market

Service market

Resource market

Product market

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