
Economics -Unit 1 Test Review
Flashcard
•
Other
•
11th - 12th Grade
•
Practice Problem
•
Easy
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64 questions
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1.
FLASHCARD QUESTION
Front
The definition of Scarcity is...
Back
A limited amount of resources to meet unlimited wants and needs.
2.
FLASHCARD QUESTION
Front
What is a need?
Back
Something you must have to live
3.
FLASHCARD QUESTION
Front
Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?
Back
True
4.
FLASHCARD QUESTION
Front
Which of the following is an example of LAND: Coal, Office Building?
Back
Coal
5.
FLASHCARD QUESTION
Front
House: Goods or Service?
Back
Goods
6.
FLASHCARD QUESTION
Front
According to an economist, which of the following would be considered "scarce"? A teacher, A worker at McDonalds, A youth baseball coach
Back
An Astronaut
7.
FLASHCARD QUESTION
Front
What is the fundamental problem of economics? Options: How to keep consumers out of debt?, How to fulfill our unlimited wants and needs with limited resources?, How to figure out the way to make the most money?, How do we ensure all people get a college education?
Back
How to fulfill our unlimited wants and needs with limited resources?
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