Unit 8 Econ 101 Review

Unit 8 Econ 101 Review

7th - 8th Grade

27 Qs

quiz-placeholder

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Unit 8 Econ 101 Review

Unit 8 Econ 101 Review

Assessment

Quiz

Social Studies

7th - 8th Grade

Practice Problem

Easy

Created by

Michael Shrum

Used 23+ times

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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of a Traditional Economy?

Economic decisions based on custom/historical precedent.

People doing the same work that their parents and grandparents did.

The government telling a farmer what to make

A farmer selling beets because his/her grandparents farmed and sold beets.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________ is the money that a business owner makes after all expenses have been paid. Example: A shoe sells for $100. The shoe cost $20 to make. The business owner made an $80 _________ from the shoe.

Price

Profit

Sale

Market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The interaction between supply and demand determine ________________.

Sale

Consumer Sovereignty

Command Economy

Prices of goods and services.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of combining resources to create goods and services is known as ____________.

Consumption

Production

Creation

Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production are the resources that take a(n) _________ and turn it into a(n) ___________.

idea, good or service

good or service, idea

dog, cat

cat, dog

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Workers in a laboratory are considered what type of resource?

Natural

Capital

Human

Entrepreneur

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a capital resource?

Oil

Business Owner

Chair

Waitress

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