Basic Economic Concepts (4 Factors and Econ. Sys)

Basic Economic Concepts (4 Factors and Econ. Sys)

9th - 12th Grade

25 Qs

quiz-placeholder

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Basic Economic Concepts (4 Factors and Econ. Sys)

Basic Economic Concepts (4 Factors and Econ. Sys)

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

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Created by

Scott Moore

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25 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

What are the four "Factors of Production"?

(Choose all that apply)

Entrepreneurship

Labor

Economy

Land

Capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An "Opportunity Cost" is:

the value of the next-highest-valued alternative use of that resource.
the daily processes and people needed for the business to function in a manner that satisfies customers.
the amount you charge customers for your goods or services.
a type of competitive analysis focusing on strengths, weaknesses, opportunities, and threats.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One definition of "Economics" is:

The quality of bringing satisfaction or happiness.
the daily processes and people needed for the business to function in a manner that satisfies customers.

Economics is the study of how society uses its limited resources.

The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Scarcity" is

The quality of bringing satisfaction or happiness.
the demand for a good or service is greater than the availability of the good or service.
the study of choice, given the scarcity of time and money
The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things" is known as:

Entreprenuership
Land
Labor
Capital
Goods

6.

FILL IN THE BLANK QUESTION

30 sec • 2 pts

"Anything that satisfies a person’s wants or brings satisfaction" are called

7.

FILL IN THE BLANK QUESTION

30 sec • 2 pts

"Tasks that people pay others to perform for them" are called

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