Review - Scarcity, Opportunity Cost, & Factors of Production

Review - Scarcity, Opportunity Cost, & Factors of Production

9th - 12th Grade

15 Qs

quiz-placeholder

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Review - Scarcity, Opportunity Cost, & Factors of Production

Review - Scarcity, Opportunity Cost, & Factors of Production

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Christopher Russo

Used 37+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The resources used to make all goods & services are called

Natural Resources

Factors of Production

Goods & Services

Renewable Resources

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is an Entrepreneur?

A person who risks their own time and money to start a business

The money a business makes from selling their goods and services

Revenue

Profit

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Any technology/machinery involved in the production process:

Human Capital
Physical Capital
Investment Capital
Enterprise Capital

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An individual's knowledge or skills that make production of a good/service more efficient

Human Capital
Physical Capital
Investment Capital
Enterprise Capital

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is an economic want?

Things people need in order to survive.

Goods/services that people would like to have.

Things people don't want anymore.

Tangible goods that people must have.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Scarcity is defined as a limited supply of resources versus...

limited wants for those resources

unlimited resources

limited resources

unlimited wants/needs

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are all societies forced to do because of scarcity?

Make production decisions

Conserve resources

Limit resource use

Charge large amount of money for available resources

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