Economics and Business Terminology

Economics and Business Terminology

6th Grade

25 Qs

quiz-placeholder

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Economics and Business Terminology

Economics and Business Terminology

Assessment

Quiz

Business

6th Grade

Hard

Created by

Room Two

Used 5+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics:

The study that explores the art of creating beautiful shopping platforms.

The study that explores how people makes choices to satisfy their wants and needs with limited resources.

The study of how ancient civilizations made choices.

The study of how weather patterns and climate change effects peoples choices.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods:

Goods are the profits earned by a business.

Goods are physical products or items that can be held or touched.

Goods are the expenses a business incurs while providing a service.

Goods are physical products or tasks that people do for others in exchange for money.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Services:

Services are the expenses a business incurs while producing goods.

Services are a type of currency used for international trade.

Services are physical products that can be held and touched.

Services are actions or tasks people do for others in exchange for payment.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply:

Supply refers to the amount of money consumers are willing to spend.

Supply is the quantity of goods and services that businesses are willing to sell and produce.

Supply is the total number of businesses in a specific industry.

Supply is the total number of products the consumer wants to buy.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand:

Demand refers to the quantity of products businesses produce.

Demand is the amount of money consumers earn from their jobs.

Demand is the desire and ability of consumers to buy goods and services.

Demand is the total number of businesses operating in a market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market:

A market is a platform or environment where buyers and sellers interact to exchange goods and service.

A market is a physical place where people go to exercise.

A market is a group of people who share the same interest.

A market is a type of advertising strategy used by businesses.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneur:

A person who starts and operates a business, taking on risks to make a profit.

A person who starts and operates a business with no risk of loosing money.

A person who buys and sells products and services from various businesses.

A person who works for a business or a company.

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