Basic Economic Concepts Quiz
Authored by Hajara Hajara
Business
7th Grade
Used 1+ times
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of economics?
Study of historical events
Study of weather patterns
Study of animal behavior
Study of resources and decision-making
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a need?
An optional purchase
Something you desire
Basic requirement for survival
A luxury item
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a want?
Water
Food
Shelter
Toys
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are resources?
Things that cannot be used
Items that are always free
Only natural materials
Inputs required to create outputs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of resource is water classified as?
Human resource
Economic resource
Manufactured resource
Natural resource
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
The cost of a product
The next best alternative forgone
The total money spent
The price of a service
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a renewable resource?
Minerals
Trees
Oil
Gold
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