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Economics Terms

Authored by Colin Woods

Social Studies

6th - 12th Grade

Used 244+ times

Economics Terms
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the branch of knowledge concerned with the production, consumption, and transfer of wealth

economics

scarcity

resources

choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the inability to satisfy all wants at the same time. All resources and goods are limited. Limited goods and resources require that choices be made

economics

scarcity

resources

choice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

factors of production that are used in the production of goods and services

economics

scarcity

resources

choice

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

selection of an item or action from a set of possible alternatives

economics

scarcity

resources

choice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is given up when a choice is made (the second-best alternative)

opportunity cost

production

consumption

resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

opportunity cost

production

consumption

resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the using of goods and services

opportunity cost

production

consumption

resources

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