This 30-question assessment evaluates students' knowledge of basic economics concepts as well as their ability to apply them to hypothetical situations. The quiz could be used as a cumulative assessment following a unit on basic economics or as a tool to assess prior knowledge before exploring economic concepts further. The format of the quiz is multiple choice, creation of a line graph, and short answer. Study guide and key are included.
Concepts and skills covered on this quiz include the following:
-resources (natural, capital, and human)
-division of labor
-basic decisions for starting a business
-law of supply
-law of demand
-creating line graphs
Your questions are welcome, and your feedback is appreciated!