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Q 1/29
Score 0
Give an example of an opportunity cost and how it could shape an economic choice.
30
An example of an opportunity cost is when a person wants to buy new jeans and shoes, but can only buy one of the two items. This could shape an economic choice by having the person decide which item is most important.
Q 2/29
Score 0
Which is the difference between a free market economy and a command economy?
30
In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.
29 questions
Q.
Give an example of an opportunity cost and how it could shape an economic choice.
1
30 sec
Q.
Which is the difference between a free market economy and a command economy?
2
30 sec
Q.
What is one example of interdependence in a global economy?
3
30 sec
Q.
How has technology changed communication, or the sharing of ideas and information?
4
30 sec
Q.
What is an example of the government providing a public service?
5
30 sec
Q.
Which describes inflation?
6
30 sec
Q.
Why do entrepreneurs take risks to open businesses?
7
30 sec
Q.
How is bartering different from paying money for a good or a service?
8
30 sec
Q.
Which is true of the most successful companies?
9
30 sec
Q.
What is an example of a need?
10
30 sec
Q.
What term means that the amount of a resource is limited?
11
30 sec
Q.
Which is an example of an opportunity cost?
12
30 sec
Q.
What are the three basic questions that all economies must answer?
13
30 sec
Q.
What are two examples of personal economic choices that people make every day?
14
30 sec
Q.
Summarize the way in which a free enterprise system, or market economy, produces goods and services.
15
30 sec
Q.
How do banks encourage people to save money?
16
30 sec
Q.
Which describes a consumer?
17
30 sec
Q.
What do banks do with the money people have saved?
18
30 sec
Q.
In a command economy, the government decides what goods and services can be made and sold. How is this different from a market economy, or free enterprise system?
19
30 sec
Q.
What do most people need in order to provide for their needs and wants?
20
30 sec
Q.
How can students increase their chances of finding a job after they finish school?
21
30 sec
Q.
Which choice shows an example of both a need and a want?
22
30 sec
Q.
Which is an example of the government providing a public good?
23
30 sec
Q.
Which is an example of inflation?
24
30 sec
Q.
Which is an example of bartering?
25
30 sec
Q.
When you buy something from a business, what is the goal of the business?
26
30 sec
Q.
Why are entrepreneurs willing to take risks to start a new business?
27
30 sec
Q.
If there is great demand for a product, will people likely pay more or less to buy it? Explain.
28
30 sec
Q.
Explain how banks offer an incentive for people to save money and how they help people borrow money.
