Economics explores
Economics - key terminology

Quiz
•
Social Studies
•
8th Grade
•
Hard

Peta Noyes
Used 41+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
how individuals, groups, businesses and governments interact with each other in markets. It focuses on how resources are allocated to satisfy needs and wants.
how producers interact with consumers by providing goods and services that meet their needs and wants. It focuses on the skills that contribute to business success.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a need would be
food for breakfast - cereal, milk
a school uniform
shelter - somewhere to live
all answers are correct
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
An example of a want is
bread
a car costing less than $40 000
a holiday in a luxury beach resort
computer games
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A _____________refers to a situation where buyers and sellers interact in the organised exchange of economic resources for goods and services.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a good is
bread
visiting a dentist to get your teeth cleaned and polished
your dog getting a bath and groom at the local dog salon
all answers are correct
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
An example of a service is
your dog being bathed and groomed at the local dog salon
visiting a dentist to get your teeth cleaned and polished
visiting an accountant to get your tax done annually
purchasing groceries at Coles through the checkout so you don't have to pack your own bags
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A consumer is
a person who makes use of goods and services
a business who produces goods
a business that offers a service
no answers are correct
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