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Economics Definitions

Authored by Lucy Fuller

Other

9th - 12th Grade

Used 54+ times

Economics Definitions
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Economics

The study of how people choose to use their scarce resources to satisfy their unlimited wants
Land, labour, capital, entrepreneurs
When there is not enough of something (good, service, resource) to satisfy everyone's wants, at a zero price
The cost of the next best alternative forgone

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Resources

The study of how people choose to use their scarce resources to satisfy their unlimited wants
The cost of the next best alternative forgone
Goods/services that you would like to have but are not necessary for survival e.g. Netflix
Land, labour, capital, entrepreneurs

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Scarcity

The cost of the next best alternative forgone
When there is not enough of something (good, service, resource) to satisfy everyone's wants, at a zero price
Goods/services that you would like to have but are not necessary for survival e.g. Netflix
Limited time, skills, and money to satisfy wants

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Opportunity Cost

The cost of the next best alternative forgone
Goods/services that you would like to have but are not necessary for survival e.g. Netflix
Limited time, skills, and money to satisfy wants
Land, labour, capital, entrepreneurs

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Needs

Limited time, skills, and money to satisfy wants
When there is not enough of something (good, service, resource) to satisfy everyone's wants, at a zero price
Goods/services required for survival e.g. food
The study of how people choose to use their scarce resources to satisfy their unlimited wants

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Wants

Limited time, skills, and money to satisfy wants
Goods/services that you would like to have but are not necessary for survival e.g. Netflix
When there is not enough of something (good, service, resource) to satisfy everyone's wants, at a zero price
The study of how people choose to use their scarce resources to satisfy their unlimited wants

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define Limited Means

Land, labour, capital, entrepreneurs
The cost of the next best alternative forgone
Limited time, skills, and money to satisfy wants
The study of how people choose to use their scarce resources to satisfy their unlimited wants

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