Basic Economic Concept (Gr7)
Quiz
•
Business
•
7th Grade
•
Hard
Mohamed Idrees
Used 20+ times
FREE Resource
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Define economics
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Define wants
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Define needs
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
4.
FILL IN THE BLANK QUESTION
1 min • 5 pts
------------ are the inputs that are required to create outputs which are products and
services.
5.
FILL IN THE BLANK QUESTION
1 min • 5 pts
------------------- are materials provided by the earth or nature which can be used.
6.
FILL IN THE BLANK QUESTION
1 min • 5 pts
-------------------- are resources those which can be replaced in a reasonable time or those which are available consistently such as trees and water.
7.
FILL IN THE BLANK QUESTION
1 min • 5 pts
-------------------------- are those which take a long period of time to get replaced or cannot be replaced once used.
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