Introduction to Economics

Introduction to Economics

6th - 8th Grade

26 Qs

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Introduction to Economics

Introduction to Economics

Assessment

Quiz

Other

6th - 8th Grade

Practice Problem

Medium

Created by

Sara Detrick

Used 292+ times

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26 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

Demand

Needs

Wants

Presents

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

The reason why you can't have everything you want is because of ___________________.

Opportunity Cost

Scarcity

Incentive

Choice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best example of scarcity

The restuarant is not crowded tonight 
The school parking lot only has 150 spaces but 200 students want to park there
There are 500 houses in the subdivision and 250 of them are occupied
A person decided to dye her hair blonde instead of red

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired

Work
Money
Sleep
Time

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

How do you satisfy your unlimited wants in a world of limited resources?

by making more money

by making choices

by stealing

by setting a budget

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

The study of how people seek ways to meet their wants and needs by making choices is called?

Economics

Scarcity

Capitalism

Entrepreneurs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

It is your second choice-what you give up when you make a decision.

Choice

Opportunity Cost

Scarcity

Shortage

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