
ECON Essential Vocab
Social Studies
9th - 12th Grade
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the fact that there are limited amount of resources and unlimited wants and needs
scarcity
economics
free market economy
equilibrium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the study of how people seek to satisfy their needs and wants by making choices
economics
regulation
shortage
centrally planned economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
people who risk their own livelihood and decide how to combine resources to create new goods and services
entrepreneur
efficiency
demand
normal goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
resources that are used to make goods and services
factors of production
supply
commodity
monopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
use of resources in such as way as to maximize the output of good and services
efficiency
market
gross domestic product
inferior goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
level of economic prosperity
standard of living
microeconomics
mixed economy
surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
any arrangement that allows buyers and sellers to exchange goods and services
market
centrally planned economy
inferior goods
economies of scale
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