Economics - Unit 1 Week 1

Economics - Unit 1 Week 1

12th Grade

9 Qs

quiz-placeholder

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Economics - Unit 1 Week 1

Economics - Unit 1 Week 1

Assessment

Quiz

History

12th Grade

Medium

Created by

Ryanne Phillips

Used 1+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Limited amounts of resources to satisfy unlimited wants and needs


THE FUNDAMENTAL PROBLEM IN ECONOMICS

scarcity

resources

trade-offs

opportunity costs

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

land, labor, capital

Scarcity

Opportunity Costs

Resources (Factors of Production)

Trade-Offs

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

all natural resources used to produce goods and services

labor

capital

land

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Human effort directed toward producing goods and services

labor

capital

land

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

-Any human-made resource used to produce goods and services

-Capital can be physical (goods used to make other goods) or human (skills and knowledge people use to produce goods)

labor

capital

land

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What to produce? How to produce? For whom to produce?

3 basic questions

scarcity

economics

capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people seek to satisfy their needs and wants by making choices

Economics

scarcity

trade-offs

opportunity costs

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an alternative that we sacrifice when we make a decision

opportunity costs

scarcity

labor

trade-offs

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the most desirable alternative given up as the result of a decision

opportunity costs

economy

trade-offs

resources