Economic Concepts and Principles Assessment

Economic Concepts and Principles Assessment

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video discusses six economic goals: efficiency, growth, freedom, security, equity, and stability. It explains each goal's significance, how they are measured, and the trade-offs involved in prioritizing them. Economic efficiency focuses on maximizing output from inputs, while growth is about increasing potential output, often measured by GDP. Economic freedom involves consumer and labor market choices. Security ensures access to basic needs, and equity relates to fairness, not necessarily equality. Stability involves sustainable and predictable economic output. The video concludes with the idea that economies must balance these goals, as they often conflict.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economic efficiency?

Maximizing output from given inputs

Increasing the GDP

Ensuring equal distribution of resources

Providing economic security

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is economic growth typically measured?

Through the fairness of resource distribution

Through the Gross Domestic Product (GDP)

By the level of economic freedom

By the amount of economic security

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic goal focuses on the potential output of an economy?

Economic freedom

Economic equity

Economic growth

Economic efficiency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the production possibilities frontier represent?

The maximum potential output of an economy

The level of economic freedom

The degree of economic security

The fairness of resource distribution

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does economic freedom primarily involve?

The ability to buy and sell freely

The level of government intervention

The fairness of income distribution

The predictability of economic output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes economic security?

Freedom to choose one's career

Equal opportunity for all citizens

Access to essential needs like food and shelter

Protection from military attacks

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does equity differ from equality in economic terms?

Equity is a short-term goal, while equality is a long-term goal

Equity is about fairness, while equality is about sameness

Equity ensures equal income, while equality ensures equal opportunity

Equity focuses on economic growth, while equality focuses on stability

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