Scarcity (Fundamentals of Econ)

Scarcity (Fundamentals of Econ)

11th - 12th Grade

12 Qs

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Scarcity (Fundamentals of Econ)

Scarcity (Fundamentals of Econ)

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Medium

Created by

Lester Weaver

Used 40+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Something we desire but that is not necessary for survival

Want

Need

Good

Service

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Physical objects that someone produces

Want

Need

Good

Service

3.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

Time

Money

Food

Oil

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

Scarcity

Shortage

Surplus

Economics

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Economics is the study of how people seek to satisfy their needs and wants by making choices

True

False

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Scarcity forces us to make economic decisions

True

False

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An opportunity cost is

usually absent in a command economy.
when goods are recycled into other goods.
the next-best alternative you give up in order to do something else.
is only an issue when there is not a scarcity of goods and resources.

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