Economics Vocabulary #1

Economics Vocabulary #1

7th Grade

14 Qs

quiz-placeholder

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Economics Vocabulary #1

Economics Vocabulary #1

Assessment

Quiz

Other

7th Grade

Easy

Created by

Wayground Content

Used 23+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics

the study of choices involving goods

the analysis of financial markets

the management of government resources

the evaluation of consumer behavior

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production

How do we make goods? Think 'Making Things'

By using raw materials and labor

Through automated machinery only

By outsourcing to other countries

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Distribution

By using social media to promote products

By exchanging goods directly between producers and consumers

By getting things to people through various channels

By relying solely on online sales platforms

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumption

How do we buy and use goods? Think 'Buying Things'

What is the process of producing goods?

How do we sell goods to consumers?

What is the role of advertising in consumption?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods

Items purchased to satisfy needs and wants (televisions, computers, etc.)

Items that are always free of charge

Items that are only available in stores

Items that cannot be owned

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Services

Activities that are created and sold as they are produced (mowing a lawn, washing a car, etc.)

Products that are manufactured and sold in stores

Items that are bought and sold in a marketplace

Goods that are stored and distributed through warehouses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital Resource

The tools, equipment, and buildings that are used to produce goods and services

The money used to purchase raw materials

The labor force involved in production

The natural resources extracted from the earth

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