
Economics Unit 01
Authored by Joseph Lansford
12th Grade
Used 251+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.
Economics
Consumer Science
Opportunity Costs
Capitalism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________ things required to live such as food, shelter, clothing, air
Needs
Wants
Tradeoff
Opportunity Cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
____________ the actual thing you gave up to have something else. Everything has a cost
Opportunity Cost
Tradeoff
Incentives
Resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____________ anything that it used to make a good or service.
Resources
Good
Service
Entrepreneurship
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_______________ father of capitalism, wrote the wealth of nations, and believed in a concept known as the invisible hand.
Adam Smith
David Ricardo
Thomas Malthus
Karl Marx
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
____________ supply & demand determines what gets produced
Free Market Economy
Closed Economy
Socialism
Command Economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______________ not having enough resources to satisfy all of the needs/wants
Scarcity
Opportunity Cost
Tradeoff
Deregulation
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