The Basic Terms of Economics

The Basic Terms of Economics

10th - 12th Grade

15 Qs

quiz-placeholder

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The Basic Terms of Economics

The Basic Terms of Economics

Assessment

Quiz

Business, English

10th - 12th Grade

Medium

Created by

Beatrix Szabó

Used 4+ times

FREE Resource

15 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

Microeconomics examines the cause-and-effect relationships that ... choices of individuals, business firms and society.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the odd-one-out if we talk about microeconomics?

Scarcity

Consumption

Unemployment

Opportunity costs

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

High unemployment shouls be turned into low unemployment is a ... goal.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is the act of using resources to satisfy current needs and wants.

Substitute

Production

Opportunity cost

Consumption

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When supply of a resource cannot meet demand.

Scarcity

Factors of production

Opportunity cost

Debt

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are similar to product markets but refer to the components that are required for production, not just the products.

Households

Producers

Consumers

Resource market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

Labour, land, capital, entrepreneurship

Consumers, Producers

Households, companies

Supply and demand

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