Fundamentals of Economics
Authored by Myra Frazer
Social Studies
11th - 12th Grade
Used 20+ times
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26 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Desires that can be satisfied by consuming a good or service
Wants
Needs
Scarcity
Factors of Production
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Basic requirements for human survival
Needs
Scarcity
Factors of Production
Natural Resources
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The limited nature of society's resources
Scarcity
Factors of Production
Natural Resources
Human Resources
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Land, labor, and capital; the three groups of resources that are used to make all goods and services
Factors of Production
Natural Resources
Human Resources
Physical Capital
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Raw materials from nature that are used to produce goods
Natural Resources
Human Resources
Physical Capital
Entrepreneur
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
People who work to produce goods and services
Human Resources
Physical Capital
Entrepreneur
Opportunity Cost
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The human-made objects used to create other goods and services
Physical Capital
Entrepreneur
Opportunity Cost
Marginal Cost
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