Why is a profit motive important in many economies?
Module 5 Economics Review

Quiz
•
Social Studies
•
6th - 8th Grade
•
Medium
Kristin Tribble
Used 6+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
People would not use coupons without it.
Businesses could not advertise without it.
Businesses could not set prices without it.
People would not start businesses without it.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which describes labor?
raw materials needed to produce goods
human time, effort, skills, and talent needed to produce goods
items such as tools, machines, factories, and office equipment needed for a business to function
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How would you describe financial capital?
money that a business uses to buy the items needed for the business to function
raw materials needed to produce goods
items such as tools, machines, factories, and office equipment needed for a business to function
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term means the raw materials needed to produce goods?
capital
financial capital
labor
natural resources
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which scenario illustrates the concept of economic interdependence?
An entrepreneur decides to open a bakery and produce bread for the neighborhood.
Good rainfall allows a farmer to produce more strawberries so he expands his business.
Japan lacks iron to make steel, so Japans enters into a trading relationship with Australia to get iron ore.
South Africa is rich in diamonds and gold so they create a mining industry that produces wealth.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which country has a communist economy?
Taiwan
China
Sweden
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which country has a socialist economy?
Taiwan
South Korea
Sweden
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