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Basic Economic Concepts Review

Authored by Brianne Hunter

Social Studies

12th Grade

Used 239+ times

Basic Economic Concepts Review
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19 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means:

Too much of something you wanted

The exact amount of something you wanted

Not enough of something you wanted

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economic want?

Things people need in order to survive.

Things people would like to have.

Things people don't want anymore.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is affected by the condition of scarcity?

The rich

Large economies

All societies

Producers (ie: businesses)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do all societies have to make decisions about how resources will be used?

People are greedy

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

TRUE or FALSE: We can have everything that we want because we have unlimited resources.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which of the following would be CAPITAL

a machine

a box of cereal

water

a new risky idea

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT be land

water

minerals

toothpaste

crude oil

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