Understanding Basic Economics Concepts
Quiz
•
Social Studies
•
4th Grade
•
Hard
LILES PULEO
Used 5+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount of a product that producers are willing and able to sell at a given price?
Demand
Supply
Scarcity
Barter
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call the desire and ability of consumers to purchase goods and services at different prices?
Supply
Demand
Trade
Market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a service?
A car
A haircut
A book
A computer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for physical items that can be bought or sold?
Services
Goods
Resources
Choices
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT considered an economic resource?
Land
Labor
Money
Time
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the limited nature of society's resources?
Abundance
Scarcity
Surplus
Demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call the decision-making process of choosing between different alternatives?
Supply
Choice
Demand
Trade
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