Scarcity, Choices and Opportunity Cost
Authored by CRYSTAL Sousa
Social Studies
2nd - 12th Grade
Used 14+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity?
the act of giving up one thing for another
a problem in which wants are greater than what is available
each possible use of a resource
the cost of choosing one choice over another
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Trade-Off?
the act of giving up one thing for another
all combinations of goods and services that can be produced from a fixed amount of resource in a given period of time
a problem in which wants are greater than what is available
the cost of choosing one choice over another
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Opportunity?
the cost of choosing one choice over another
all combinations of goods and services that can be produced from a fixed amount of resource in a given period of time
the act of giving up one thing for another
each possible use of a resource
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Opportunity Cost?
the act of giving up one thing for another
a problem in which wants are greater than what is available
the cost of choosing one choice over another
each possible use of a resource
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Production possibilities?
all combinations of goods and services that can be produced from a fixed amount of resource in a given period of time
the act of giving up one thing for another
a problem in which wants are greater than what is available
the cost of choosing one choice over another
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