Basic Concepts of Economic Value

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is defined as the total amount of goods or currency that is measured as equal to the value of something else?

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1. A market economy is one in which economic decisions, such as production, resource allocation, and pricing, are determined by _____.

2. What is defined as the normal minimum amount for which something sells in a market economy?

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About This Quiz & Worksheet

With this quiz/worksheet, you'll be answering questions on economic value and some of its most basic concepts. Topics include the term that references the total amount of goods equal to the value of something else and definition of a market economy.

Quiz & Worksheet Goals

See what you know about these key points:

  • Minimum amount for the price of goods in a market economy
  • Difference between a product's value and trade by consumers
  • Economic value that's exaggerated

Skills Practiced

  • Making connections - use your understanding of the price of goods and its connection to the value of something else
  • Distinguishing differences - compare and contrast what a consumer is willing to trade and the value of a product
  • Information recall - access the knowledge you've gained regarding the way resources are allocated and prices are determined

Additional Learning

Study more about economics with the lesson entitled Basic Concepts of Economic Value. You'll be discussing the following topics:

  • Definition of a market economy
  • Something that money expresses in a modern market economy
  • Example of the way in which prices are determined
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