Econ U1ch. 1 Scarcity & Desc. Making

Econ U1ch. 1 Scarcity & Desc. Making

9th - 12th Grade

17 Qs

quiz-placeholder

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Econ U1ch. 1 Scarcity & Desc. Making

Econ U1ch. 1 Scarcity & Desc. Making

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Easy

Created by

Zach Burnette

Used 104+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Businesses always have some sort in Incentive in their production. What is an Incentive?

Tools and Equipment that help the business produce what they sell.

Need

A Reason

Who the business is creating their product for.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is "Opportunity Cost"

Tangible commodity

Cost of next best alternative

Sum of economic products

Work performed for someone

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which Factor of Production is described here: Tools, equipment, and factories used in production

Land

Labor

Capital

Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a "Want"

Means of expressing a need

Requirement for survival

People with all their efforts, abilities and skills

"Gifts of nature”, deserts, forests, minerals, cattle, whale

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which Factor of Production is described here: Risk-taker in search of profits

Land

Labor

Capital

Entrepreneurship

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of these is NOT one of the Basic Economic Questions

"What to produce"

"For whom to produce"

"Entrepreneurship"

"How to produce"

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which Factor of Production is described here: People with all their efforts, abilities and skills

Land

Labor

Capital

Entrepreneurship

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