Foundations of Economics
Authored by Mrs. Wolfgang
Social Studies
12th Grade
Used 130+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The social science that studies the choices of people trying to satisfy their wants in a world of scarcity.
Economics
Psychology
Sociology
Political Science
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The condition in which our wants are greater than the amount of goods available
Surplus
Scarcity
Economics
Utility
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The word Economists use to measure happiness
Demand
Supply
Utility
Scarcity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A choice
Supply
Demand
Economics
Trade-off
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The most highly valued opportunity or alternative forfeited when a choice is made
Opportunity Cost
Economics
Scarcity
Trade-off
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shows all possible combinations of two goods that an economy can produce in a certain period of time
Supply
Demand
Production Possibilities Frontier
Scarcity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A way to decide who gets what portion of all the resources and goods available
Economics
Scarcity
Rationing
Trade-off
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