Intro to Business-Chapter 1

Intro to Business-Chapter 1

9th - 12th Grade

12 Qs

quiz-placeholder

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Intro to Business-Chapter 1

Intro to Business-Chapter 1

Assessment

Quiz

Specialty

9th - 12th Grade

Medium

Created by

Shelly Leifer

Used 306+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Tangible products you can purchase to meet your wants and needs are called goods. 
true
false

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When you decide to buy a jacket instead of a concert ticket, you are making a trade-off
true
false

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Capitalism is another name for a traditional economic system. 
true
false

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition forces businesses to search for new ways to satisfy customers’ wants and needs
true
false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market price for a product is the point where demand exceeds supply. 
true
false

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The basic economic problem is
having unlimited wants and needs but limited economic resources
deciding what goods and services to produce
identifying the goods and services available to you
determining how to satisfy needs and wants.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An important principle of the U.S. economic system is 
the right to private property
 the freedom of choice
competition
all of the above

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