Basic Economic Concepts

Basic Economic Concepts

9th Grade

41 Qs

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Basic Economic Concepts

Basic Economic Concepts

Assessment

Quiz

Business

9th Grade

Practice Problem

Medium

Created by

Adam DAWSON

Used 8+ times

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41 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a "need"?

Video games

Food

Designer clothes

Smartphone

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A want is best described as:

Something essential for survival

Something desired but not essential

A basic requirement for life

An unavoidable expense

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do people need to make choices in economics?

Unlimited resources

Unlimited needs

Limited resources and unlimited wants

Limited needs and limited wants

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means:

Not enough money to buy things

Limited resources to meet unlimited wants

Unlimited resources to meet limited needs

Availability of all goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economic terms, choice refers to:

Choosing between available goods and services

Deciding how to spend money

Selecting the best investment

Opting for the cheapest option

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is defined as:

The total money spent on a product

The next best alternative foregone

The profit from selling goods

The least important option chosen

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a student chooses to study instead of going to a concert, what is the opportunity cost?

The cost of the concert ticket

The time spent studying

The enjoyment of the concert

The grade earned

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