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Econ Review (weeks 1-3)

Authored by Michelle Sharper

Social Studies

12th Grade

Used 2+ times

Econ Review (weeks 1-3)
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57 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Buying, selling, or exchanging goods or services.

Trade

Opportunity Cost

Interdependence

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you have to make a choice, this is the best of the options that you DIDN'T pick. It's what you had to give up in order to go with the choice that you made.

Trade

Specialization

Interdependence

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.

Natural Resource

Capital Resource

Human Resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

Scarcity

Trade

Standard of Living

Human Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A lack of water in an area is called ____.

water scarcity
water footprint

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions? 

Imbalance of Power 
Scarcity
Excessive Wealth
Opportunity Cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is 

The alternatives you didn't choose
The second best alternative 
The negative aspects of an action
The choice you made

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