
Understanding Economics Concepts
Authored by Makinde Liadi
Others
12th Grade

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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money a business makes after its expenses are paid is called
profit
supply
demand
scarcity
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A economist who introduced the steady increase of the supply of money within growing economies.
David Ricardo
John Maynard Keynes
Milton Friedman
Beatrice Webb
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Privatization refers to ....
Transfer of assets from people to government
Transfer of assets from public to private organizations
Transfer of assets from corporate to public
Transfer of assets from corporate to government
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Buyers choose what items are produced based on their spending habits
Consumer Sovereignty
Factors of Production
Efficiency
Cost / Benefit Analysis
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