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Unit 1: Fundamentals Vocabulary

Authored by Megan Upton

Other

9th - 12th Grade

Used 37+ times

Unit 1: Fundamentals Vocabulary
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited wants and limited resources is known as: 

Scarcity
Shortage
Externality
Services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, Labor, Capital, and Entrepreneurship is known as the what?

Scarcity
Efficiency
Factors of Production
Allocation of Resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The effort that people devote to a task for which they are paid

Land
Labor
Efficiency
Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The skills and knowledge a human possesses to contribute economically to the economy

Physical Capital
Human Capital
Labor
Entrepreneurship

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All human-made goods that are used to produce other goods and services; tools and buildings

Labor
Entrepreneurship
Physical Capital 
Human Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ambitious leader who combines land, labor, and capital to create and market new goods and services

Land

Labor

Capital

Entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All alternatives that we sacrifice when we make a decision

Trade-off

Scarcity

Shortage

Opportunity Cost

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