CE Economic Vocab & Economy Questions

Multiple Choice

What you give up when a choice is made is the -

• fixed cost
• marginal benefit
• opportunity cost
• sunk cost

Multiple Choice

What is a choice?

• the act of selecting between options

• random event

• a physical object

• a type of food

Multiple Choice

Combining human, natural, capital, and entrepreneurship resources to make goods and provide services is called -

• Consumption
• Production
• Distribution
• Manufacturing

Multiple Choice

What is price?

• The cost of producing an item.
• The value of a product in terms of its features.
• The total revenue generated from sales.
• The amount of money required to buy something.

Dropdown

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are used to change economic behavior.

Dropdown

Factors of production that are used to produce goods and services are​

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.

Multiple Choice

What is scarcity?

• the abundance of resources available to meet limited wants

• the limited availability of resources to meet unlimited wants

• the excess of resources in an economy

• the ability to satisfy all wants without any limitations

Multiple Select

What are the three basic economic questions?

• What will be produced?

• How will production occur and by who?

• Why will it be produced?

• For whom will it be produced?

Multiple Choice

In a traditional economy -

• Goods and services are produced solely for profit.
• Production is based on advanced technology and innovation.
• Resources are allocated through government planning.
• Goods and services are produced based on customs and traditions.

Multiple Choice

In a command economy -

• the government controls all economic activities
• individuals own all resources
• the economy is based on supply and demand
• the market dictates all economic activities

Multiple Choice

In a mixed economy -

• private business controls everything

• the economy is controlled entirely by the government

• private ownership is not allowed

• private business and government intervention coexist