Economics Unit 1-2 Basic Concepts

Economics Unit 1-2 Basic Concepts

8th - 12th Grade

6 Qs

quiz-placeholder

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Economics Unit 1-2 Basic Concepts

Economics Unit 1-2 Basic Concepts

Assessment

Quiz

Social Studies

8th - 12th Grade

Hard

Created by

Matt Hartung

Used 3+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alternative choices- occurs whenever we make an economic decision.

trade-offs

opportunity cost

cost-benefit analysis

free enterprise economy

standard of living

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

trade-offs

opportunity cost

cost-benefit analysis

free enterprise economy

standard of living

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Way of thinking about a problem that compares the costs of an action to the benefits received.

trade-offs

opportunity cost

cost-benefit analysis

free enterprise economy

standard of living

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economy in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions.

trade-offs

opportunity cost

cost-benefit analysis

free enterprise economy

standard of living

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quality of life based on the possession of the necessities and luxuries that make life easier.

trade-offs

opportunity cost

cost-benefit analysis

free enterprise economy

standard of living

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of going to college?

trade-offs

opportunity cost

cost-benefit analysis

Not working and making money

standard of living

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