Economics Quiz
Authored by Gayle Upson
Social Studies
3rd Grade
Used 5+ times
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10 questions
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1.
MATCH QUESTION
10 mins • 10 pts
Match the word with the definition
things found in nature that we use in production
supply
how much of something is available
opportunity cost
how much of something people want
demand
the difference between when a product is sold and the amount it cost to produce the product
profit
the cost of giving something up to buy or do something else instead
natural resources
2.
MATCH QUESTION
10 mins • 10 pts
Match the following word to the correct definition.
people who take risks to start a business
human resources
the people who produce goods and give services
interdependence
the dependence of producers and consumers on each other for goods and resources
scarcity
work that a person does for someone else
entrepreneur
when the supply of a good or service is not enough to meet the demand for it
service
3.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
A person who takes a risk to start their own business
human resource
entrepreneur
capital resource
profit
4.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
The difference between the amount of money made from selling a product and the amount it cost to produce the product.
interdependenci
demand
profit
supply
5.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
When the supply of a good or service is not enough to meet the demand for it.
Interdendence
Scarcity
Specialization
Profit
6.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
Business that sell just one type of product or provide one type of service.
specialization
scarcity
human resource
supply
7.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
The amount of quantity of an item that is available.
profit
scarcity
human resource
supply
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