Economics Lesson 1.1 Scarcity and Choics

Multiple Choice

What is the concept of scarcity in economics?

• Unlimited resources

• Limited resources

• Abundance of goods

• Equal distribution of wealth

Multiple Choice

Why is it important to understand the difference between needs and wants?

• To spend all your money wisely

• To make sure you can have all the wants

• To make better decisions about how to use resources

• To learn about nature

Multiple Select

Which of the following items are considered wants?

• Groceries

• Football

• Clothes

• Smartphone

Open Ended

What are the three basic questions of economies?

Multiple Choice

Timber is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

Your electrician is an example of

• Land
• Labor
• Entrepreneurs
• Capital

Multiple Choice

Bill Gates is an example of...

• Land

• Labor

• An Entrepreneur

• Capital

Multiple Choice

Which economic field of study focuses on larger-scale topics such as gross domestic product and national unemployment?

• Microeconomics

• Macroeconomics

Poll

How confident do you feel about this topic now?

• Very confident
• Somewhat confident
• Not confident