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Scarcity and Factors of Production

Authored by Anissa Cuellar

Social Studies

12th Grade

16 Questions

Used 25+ times

Scarcity and Factors of Production
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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is a need?

Nothing
Something you have to have to live
Something you would like to have
Ice cream

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Human capital refers to the knowledge and skills a worker gains through education and experience.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people seek to satisfy their needs and wants by making choices.

True
False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

A person who provides a good or service

producer

need

want

consumer

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

A person who purchases a good or service

consumer

taxes

supply

good

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