Basics of Economics

Basics of Economics

12th Grade

25 Qs

quiz-placeholder

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Basics of Economics

Basics of Economics

Assessment

Quiz

English

12th Grade

Hard

Created by

Sarah Williams

FREE Resource

25 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

High unemployment shouls be turned into low unemployment is a ... goal.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It is the act of using resources to satisfy current needs and wants.

Substitute

Production

Opportunity cost

Consumption

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When supply of a resource cannot meet demand.

Scarcity

Factors of production

Opportunity cost

Debt

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

These are similar to product markets but refer to the components that are required for production, not just the products.

Households

Producers

Consumers

Resource market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the factors of production?

Labour, land, capital, entrepreneurship

Consumers, Producers

Households, companies

Supply and demand

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This economy is controlled and coordinated by the state.

Planned economy

Market economy

Mixed economy

Traditional economy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Production and allocation of resources are prescribed by the state.

Traditional economy

Mixed economy

Command economy

Market economy

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