Scarcity, Choice and Opportunity Cost

Scarcity, Choice and Opportunity Cost

9th - 12th Grade

5 Qs

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Scarcity, Choice and Opportunity Cost

Scarcity, Choice and Opportunity Cost

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

Preston Denson

Used 6+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This Economics term refers to the things you use to create goods and services.

Resources

Materials

Wants

Scarcities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When "wants are greater than the resources available to satisfy them," it is called...

Scarcity

Needs

Opportunity Cost

None of these answers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, people are forced to make _________ about how to use resources.

Choices

Opportunities

Houses

Desires

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you make a choice, you often have to give up other options...those things are called the...

Opportunity Cost

Missed Opportunities

Misused Resources

Scarce Options

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs