Econ Chpt 1

Econ Chpt 1

10th - 12th Grade

15 Qs

quiz-placeholder

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Econ Chpt 1

Econ Chpt 1

Assessment

Quiz

Social Studies

10th - 12th Grade

Medium

Created by

Ty Thomas

Used 11+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The Social Science that describes the factors that determine the production, distribution and consumption of goods and service.

Factors of Production

Scarcity

Opportunity Cost

Economics

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Resources used to make a good or service

Scarcity

Factors of Production

Labor

Economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Comprises all naturally occurring resources whose supply is inherently fixed. Natural resources are fundamental to the production of all goods.

Land

Labor

Human Capital

Physical Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Study of economic behavior of employers and employees in response to changing prices, profits, wages, and working conditions

Land

Labor

Human Capital

Physical Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fundamental human problem of having unlimited human wants in a world of limited resources

Opportunity Cost

Trade-Offs

Economics

Scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Labor

Human Capital

Entrepreneur

Physical Capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A balance achieved between many desirable but incompatible features; a compromise where ALL OTHER ITEMS were given up.

Opportunity Cost

Trade-Offs

Scarcity

Thinking at the Margin

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