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Econ Unit 1

Authored by Matt Worrell

Social Studies

10th - 12th Grade

Used 34+ times

Econ Unit 1
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11 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is Economics?

The study of how individuals and societies deal with scarcity.

The idea that we have unlimited wants but limited resources.

Study of the large economy as a whole or economic aggregates.

2.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What does Scarcity mean?

The study of how individuals and societies deal with scarcity.

The idea that we have unlimited wants but limited resources.

Any skill gained by a worker through education and experience

3.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is the definition of Microeconomics?

The study of small economic units such as individuals, firms, and markets

Any skill or knowledge gained by a worker through education and experice

A situation in which the free-market system fails to satisfy society's wants.

4.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is the definition of Macroeconomics?

Study of the large economy as a whole or economic aggregates.

Any skill or knowledge gained by a worker through education and experice

A situation in which the free-market system fails to satisfy society's wants.

5.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is the definition of Land as one of the factors of production?

Any effort a person devotes to a task for which that person is paid

Any human-made resource that is used to create other goods and services.

All natural resources that are used to produce goods and services

6.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is Labor as one of the factors of production?

Any effort a person devotes to a task for which that person is paid

Any human-made resource that is used to create other goods and services.

All natural resources that are used to produce goods and services

7.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

What is Physical Capital when we are talking about the factors of production?

Ambitious leaders that combine the other factors of producation to create goods and services.

Any effort a person devotes to a task for which that person is paid

Any human-made resource that is used to create other goods and services.

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