Economics Vocabulary

Economics Vocabulary

8th Grade

12 Qs

quiz-placeholder

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Economics Vocabulary

Economics Vocabulary

Assessment

Quiz

History

8th Grade

Medium

Created by

Michelle Foster

Used 425+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The amount of a good or service that consumers are willing and able to buy at a certain price is called...

Supply

Demand

Choice

Incentive

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do you call things that incite or motivate someone to make a choice?

Choice

Consumption

Incentive

Production

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is given up when a choice is made; the next highest valued alternative is called...

Scarcity

Opportunity Cost

Resources

Consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of a good or service that producers are willing and able to sell at a certain price is called...

Demand

Choice

Supply

Production

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The term for the combination of resources to make goods or provide services is

Consumption

Opportunity Cost

Production

Scarcity

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The inability to satisfy all wants at the same time because resources and goods are limited is called...

Choice

Scarcity

Supply

Demand

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Selecting an item or action from a set of possible alternatives is called making a...

Production

Opportunity Cost

Demand

Choice

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