Unit 1 Intro. to Economics

Unit 1 Intro. to Economics

11th - 12th Grade

10 Qs

quiz-placeholder

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Unit 1 Intro. to Economics

Unit 1 Intro. to Economics

Assessment

Quiz

Social Studies, Life Skills

11th - 12th Grade

Practice Problem

Easy

Created by

Beulah Willis-Brown

Used 56+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is

the study of how people produce distribute and use goods and services.
the study of producers and consumers.
the study of the United States.
the study of how economists do their jobs.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There are 3 things that everyone does with their money.

spend, save, share

spend, hide, loan

hide, share, donate

share donate, spend

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This factor of production is the ability of individuals to start a new business

capital

entrepreneurship

technology

land

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land is

objects that are used to make a product
natural resouces like water, oil and cattle
natural resources like cars, factories
natural resources like a workers education and experience

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

This economic system allows citizens to own businesses and compete for profit.

open economy

market economy

command economy

traditional economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is

the same as never having enough of something.
the next best choice that you give up in order to do something else
factors of production 
country's way of using limited resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Tools and machinery are part of this factor of production

labor

land

capital

entrpreneurship

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