
Basic concepts
Authored by Meeranath Premjith
Social Studies
8th Grade
Used 4+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
the value of the next best option that is not selected when a choice is made.
there is not enough of it.
things people make to earn money.
actions people do to earn money.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are the things we desire to have.
Wants
Goals
Opportunity Costs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Needs
Opportunity Cost
None of these answers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you make a choice, you often have to give up other options...those things are called the...
Opportunity Cost
Missed Opportunities
Misused Resources
Scarce Options
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