
Econ Lesson 1: Review Scarcity
Authored by Bryant Blackmon
Social Studies
12th Grade
Used 2+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is scarcity?
The study of how individuals and societies satisfy their unlimited wants with limited resources
The way in which a society uses its scarce resources to satisfy its people’s unlimited wants
A situation that exists when there are not enough resources to meet human wants
The economic resources needed to produce goods and services
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Scarcity can affect:
Choices
Wants
Needs
All provided answer options
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is economics?
The study of how individuals and societies satisfy their unlimited wants with limited resources
The way in which a society uses its scarce resources to satisfy its people’s unlimited wants
A situation that exists when there are not enough resources to meet human wants
The economic resources needed to produce goods and services
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Is scarcity and shortage the same thing?
Yes, because shortages are scarcity of resources
No, scarcity always exist and shortages may be temporary
Yes, because scarcity drives economics.
No, because businesses use to many resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
All economic systems answer three basic questions.
What time?, Where?, At what rate?
What to produce?, How to produce it?, Who is it for?
When?, How?, What?
Where is it being made?, Who is making it?, What is being produced?
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Factors of production is
The study of how individuals and societies satisfy their unlimited wants with limited resources
The way in which a society uses its scarce resources to satisfy its people’s unlimited wants
A situation that exists when there are not enough resources to meet human wants
The economic resources needed to produce goods and services
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What are the factors of production?
Government, scarcity, goods, services
Land, labor, capital, entrepreneurship
Communism, traditional, mixed, market
Microeconomics, services, labor, entrepreneurship
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