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Unit:1-Part 1-Summative-Scarc/OppCost/CircFlow

Authored by Sean Johnston

Social Studies

12th Grade

Used 107+ times

Unit:1-Part 1-Summative-Scarc/OppCost/CircFlow
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14 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A person who buys or uses goods and services is a:

consumer

producer

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A person, company, or country that makes or grows goods, food, or materials is a:

consumer

producer

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The study of the economy as a whole is called:

microeconomics

macroeconomics

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water, are known as:

capital

labor

land

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The buildings, tools, and machines that people create and use to produce final goods and services are known as:

capital

labor

land

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The physical and mental effort people use to create goods and services is known as:

capital

labor

land

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

_____________ is the inability to satisfy all wants with the resources available.

scarcity

rarity

shortage

surplus

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