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Understanding Basic Economic Concepts Quiz

Designed for 7th graders, this educational tool enhances understanding of economics and trade, focusing on vocabulary that builds foundational knowledge in social studies, essential for personal and academic development.

Questions: 12 | Attempts: 10 | Last updated: Aug 4, 2025

Sample Question 1
What is a Traditional System?

A system solely based on modern technology and innovations.

A system where the government controls all economic activities.

Economy dominated by methods and techniques that have strong social support even though they may be old-fashioned or out of date.My country is traditional, where the people barter things such as chicken and eggs to exchange goods.

A system that prioritizes individual profit over community welfare.

Sample Question 2
What does specialization refer to?

Attempting to be knowledgeable in all areas of work.

Concentrating on one area of work.My specialization is building and fixing things.

Diversifying work responsibilities.

Avoiding focusing on a specific skill.

Sample Question 3
What is an investment?

When you give something away for free with no expectation of return.

When you make a financial commitment in order to make a profit or achieve a long-term goal.

When you buy something and get money in return. I loaned money to my friend, and he payed me more money than I would have originally made.

When you sell something and lose money in return.

When you hoard money without any intention of using it for growth or profit.