Basic Economic Terms

Basic Economic Terms

4th Grade - University

28 Qs

quiz-placeholder

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Basic Economic Terms

Basic Economic Terms

Assessment

Quiz

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4th Grade - University

Practice Problem

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Created by

Sangeetha Arjinan

Used 26+ times

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28 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is a natural resource?

resource from people, work that people do or skills and knowledge people have
a resource that comes from earth or nature
resources made by people
None of the above

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

If you are making a decision between buying pizza or hamburger and you choose pizza, what is your opportunity cost of that decision?

The pizza

The money you spent on the pizza

The hamburger

None of the above

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An incentive is...

Somethings that discourages you from making a decision...

A penalty for making a bad decsion...

People who make decsions...

A factor that encourages people to act in a cetain way...

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A tennis racket is an example of a __________

Good
Service

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

Al Bundy was a fine shoes salesman. Was Al a good or a service?

Good
Service

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which one of these is not a factor of production

Natural Resource

Capital

Money

Labor

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Entrepreneurs takes __________ when starting a new business

Reward

Praise

Risk

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