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Economics Chapter 1

Authored by Kate Anders

Social Studies

11th - 12th Grade

56 Questions

Used 15+ times

Economics Chapter 1
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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A thing that we desire to have

Want

Resource

Need

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything that is used to produce goods or services.

Resource

Capital

Goods

Want

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The condition in which our wants are greater than the resources available to satisfy those wants.

Wants

Needs

Resource

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most highly valued opportunity or alternative forfeited when a choice is made.

Trade-off

Opportunity Cost

2nd Option

Choice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A situation in which more of one thing necessarily means less of something else.

Opportunity cost

Choice

Resource

Trade-off

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A graphic representation of all possibilities combination of two goods that an economy can produce.

Production possibilities frontier

Production possibilities factors

Passive possibilities frontier

Passive possibilities factors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A means for deciding who gets what portion of the available resources and goods.

Trade off device

Rationing device

Brute force

Lottery System

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