Economics chapter 1 vocabulary

Economics chapter 1 vocabulary

12th Grade

29 Qs

quiz-placeholder

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Economics chapter 1 vocabulary

Economics chapter 1 vocabulary

Assessment

Quiz

Other

12th Grade

Easy

Created by

Courtney Spring

Used 1+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A ____ is a desire

That can be satisfied by consuming a good or service

Want

Consumer

Scarcity

Labor

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A ____ is things people always want more no matter how much they have already

Want

Capital

need

Efficiency

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

_____Is a situation that exist when there’s not enough sources to meet human wants

Incentives

Factors of production

Scarcity

Marginal benefit

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

_____Is the study of how people choose to use scarce resources to satisfy their wants

Micro economics

Statistics

Positive economics

Economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

____Are physical objects that can be purchased such as foods clothing and furniture

Marginal cost

Goods

Services

Normative economics

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

_______Is work that one person performed from another payment

Services

Economics

Opportunity cost

Goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A person who buys goods and services

Producer

Needs

Consumer

Insensitive

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