Economics Vocabulary

Economics Vocabulary

8th Grade

12 Qs

quiz-placeholder

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Economics Vocabulary

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Assessment

Quiz

History

8th Grade

Practice Problem

Easy

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumption is using goods and services. Consumer preferences and ____________ determines what is produced and consumed

Incentives

Price

Factors of Production

Resources

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The term for the combination of resources to make goods or provide services is

Consumption

Opportunity Cost

Production

Scarcity

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is given up when a choice is made; the next highest valued alternative is called...

Scarcity

Opportunity Cost

Resources

Consumption

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The amount of money exchanged for a good or service.

Price

Scarcity

Opportunity Cost

Supply

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Selecting an item or action from a set of possible alternatives is called making a...

Production

Opportunity Cost

Demand

Choice

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______________________ is the point where supply and demand meet. Everyone who wants to sell at that price can sell. Everyone who wants to buy at that price can buy.

Opportunity cost

Supply

Equilibrium price

Production

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The using of goods and services.

Production

Supply

Consumption

Demand

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