Economics Fundamentals 1 Review

Economics Fundamentals 1 Review

9th - 12th Grade

23 Qs

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Economics Fundamentals 1 Review

Economics Fundamentals 1 Review

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

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Created by

Megan Upton

Used 216+ times

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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fundamental problem of Economics: Unlimited wants, limited resources.

Opportunity Cost

Trade Offs

Scarcity

Marginal Benefit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ALL alternatives given up when making a decision.

Scarcity

Opportunity Cost

Trade Offs

Rational Decision Making

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The SECOND best alternative given up when making a decision.

Opportunity Cost

Trade Offs

Scarcity

Rational Decision Making

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Marco must choose between buying a Play Station 4 and the Xbox X. He chose the Place Station 4. What is his opportunity cost?

Play Station 4

Xbox X

The Play Station 4 and the Xbox X

There is no opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production (land, labor, capital, and entrepreneurship) are also known as this:

Trade Offs

Environmental Resources

Natural Resources

Productive Resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a NATURAL resource?

Cows, Iron, trees

Hammer, saw, a factory

A business owner

A construction worker

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

What would be THREE reasons for an entrepreneur to start their business?

Profit

Paying taxes to the government

To work for others

Creating/innovating new products

To create jobs

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