Unit 1 Economics

Unit 1 Economics

8th - 12th Grade

17 Qs

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Unit 1 Economics

Unit 1 Economics

Assessment

Quiz

Social Studies

8th - 12th Grade

Medium

Created by

Joseph Thublin

Used 1+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Economics
Consumer Science
Opportunity Costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government is the study of getting rich and the stock market.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________ Things required to live such as food, shelter, clothing, air

Need
Want
Tradeoff

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two branches of economics are micro & macro. 

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ not having enough resources to satisfy all of the needs/wants

Scarcity

Opportunity Cost

Tradeoff

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the difference between a shortage and scarcity?

A shortage is temporary but scarcity always exists

A shortage results from rising prices; scarcity results from falling prices

A shortage is lack of all goods and services; scarcity concerns a single item

There is no real difference between a shortage and scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Individuals who come up with a new idea for a good or service, then they make it a reality

resource

human resources

consumer

entrepreneur

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