Scarcity Review

Scarcity Review

10th - 12th Grade

18 Qs

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Scarcity Review

Scarcity Review

Assessment

Quiz

Social Studies

10th - 12th Grade

Practice Problem

Medium

Created by

Kari Horrell

Used 39+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When you have to make a choice, this is the best of the options that you DIDN't pick. It's what you had to give up in order to go with the choice that you made.

Scarcity

Benefit

Capital

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.

Natural Resources

Human Resources

Capital Resources

Labor Resources

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless - so people are forced to make choices.

Standard of Living

Scarcity

Trade-off

Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Goods that are used by people to make other goods or perform services. This can include money invested towards making new goods or providing new services - like tools, machine, buildings, etc.

Natural Resources

Human Resources

Capital Resouces

Labor Resources

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an economic want?

Things people need in order to survive.

Things people don't want anymore.

Things people desire to consume.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This studies how people choose to use scarce resources to satisfy their wants.

Scarcity

Economics

Cost-benefit analysis

Capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Someone who buys and uses goods and services are called

Consumers

Producers

Entrepreneurs

Capitalists

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