
Economics Review
Authored by Jacob Crowder
Life Skills, Business
9th - 12th Grade
Used 6+ times

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55 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost is
The value of the next best alternative when making a choice
The things you have, but can live without
The things you have, and cannot live without
The choice made in a logical manner
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
____________ are the products made in an economy.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a company has more supply than demand this is known as a _______________.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Labor is
the work that people do when producing goods or services
just like supply and demand
the amount of goods or services available to sell at a given time
the amount of goods and services people are willing to buy at a specific time
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Businesses buy and Individuals sell in the ____ Market
Factor Market
Product Market
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Businesses sell and Individuals buy in the _____ Market
Factor Market
Product Market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The problem of unlimited wants and needs with limited resources is called_____.
Opportunity Cost
Resources
Scarcity
Life
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