Economics Revision

Economics Revision

1st Grade

25 Qs

quiz-placeholder

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Economics Revision

Economics Revision

Assessment

Quiz

Business

1st Grade

Practice Problem

Medium

Created by

Colm Barcoe

Used 8+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics – the study of money  and societies make decisions about ways  to use scarce resources to fulfill wants and  needs.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Macroeconomics-The big picture

MicroeconomicsHow do individuals make  economic decisions

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

NEEDS – “stuff” we must have to survive,  generally:  food, shelter, clothing and a nintendo Switch

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WANTS –Fancy food, shelter, clothing, big  screen TVs, jewelry, conveniences

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are opportunity costs?

stuff” we would really like to  have

stuff” we must have to survive,  generally:  food, shelter, clothing

the loss of other alternatives when one alternative is chosen.

one  thing  over all the other  possibilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production

Land

Labour

Finance

Capital

Land

Labour

Capital

Entreprise

Land

Labour

Market Structure

Capital

Capital

Land

Labour

Resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants.

True

False

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