Search Header Logo

7 Principles of Economic Thinking

Authored by Andres Pedregon

History

9th Grade

10 Questions

Used 80+ times

7 Principles of Economic Thinking
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the study of how people make decisions to satisfy their needs and wants

goods
resources
economics
scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An incentive is:

the option to select or make a decision when faced with two or more possibilities
a conclusion or resolution reached after consideration
a circumstance that contributes to a result or outcome
a benefit or cost that influences a person's decision

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following statements is true: 

An economist would consider something scarce only if it is limited (not anything else) 
A trade off occurs when you give up something you want in order to get something else you want 
The economic social goal, economic equity, means everyone gets the same amount of money 
In a traditional economy, the government gets to decide the answers to the 3 basic economic questions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people satisfy their ______ and ______.

wants; thoughts
thoughts; desires
wants; needs
rent; utilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The act of giving up one benefit in order to gain another, greater benefit.

"guns or butter"
trade-off
opportunity cost
thinking at the margin

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

I only have an hour of free time today. If I study, I can't see my friends.

Costs versus Benefits
Scarcity Forces Tradeoffs
Incentives Matter
Future Consequences Count

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

Costs versus Benefits
Scarcity Forces Tradeoffs
Incentives Matter
Future Consequences Count

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?