Basic concepts

Basic concepts

8th Grade

12 Qs

quiz-placeholder

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Basic concepts

Basic concepts

Assessment

Quiz

Social Studies

8th Grade

Easy

Created by

Meeranath Premjith

Used 4+ times

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12 questions

Show all answers

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? 

Having too many resources 
Not  having enough resources 

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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