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Economics Vocabulary

Authored by James Williamson

History

8th Grade

Used 6+ times

Economics Vocabulary
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.

Scarcity
Choice
Cost
Demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

factors of production that are used in the production of goods and services

Resources
Supply
Demand
Price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Materials/substances such as minerals, water, forests, and fertile land that occur in nature and can be used for economic gain.

Human Resources
Capital Resources
Natural Resources
Unlimited Resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The set of individuals who make up the workforce of an organization, business sector or economy

Capital Resources
Unlimited Resources
Human Resources
Natural Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

goods produced by man made and used to create other goods and services

Human Resources
Capital Resources
Natural Resources
Unlimited Resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

selection of an item or action from a set of possible alternatives. Individuals must choose because goods and services are limited.

Supply
Demand
Choice
Production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is GIVEN UP when a choice is made. Individuals must consider the value of what is given up when making a choice.

Price
Production
Supply
Opportunity Cost

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