Unit 1: Basic Economic Concepts

Unit 1: Basic Economic Concepts

12th Grade

20 Qs

quiz-placeholder

Similar activities

The Great Depression

The Great Depression

10th - 12th Grade

15 Qs

MANAJEMEN

MANAJEMEN

9th - 12th Grade

20 Qs

PKWU Kerajinan 1

PKWU Kerajinan 1

12th Grade

15 Qs

Sociocultural Approach

Sociocultural Approach

12th Grade

19 Qs

Atlantic and Industrial Revolutions

Atlantic and Industrial Revolutions

9th - 12th Grade

15 Qs

West Virginia History

West Virginia History

8th Grade - University

15 Qs

French and Indian War

French and Indian War

8th Grade - University

15 Qs

Southeast Asia Economic Systems

Southeast Asia Economic Systems

6th Grade - University

15 Qs

Unit 1: Basic Economic Concepts

Unit 1: Basic Economic Concepts

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Laura Bender

Used 588+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The condition that results from society not having enough resources to produce all the things people would like to have

Scarcity

Opportunity Cost

Economics

Private Property

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources

Consumer Sovereignty

Economics

Opportunity Cost

Competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A basic requirement for survival-i.e, food, clothing, shelter

Durable Good

Consumer Good

Need

Want

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A way of expressing a need -i.e, Need: Food; Want: Pizza

Want

Capital

Entrepreneur

Economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A systematic error in thinking that happens when people try to understand the world around them

Cognitive dissonance
Logical fallacy
Cognitive bias
Heuristic reasoning

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A risk-taker in search of profits who does something new with existing resources

Scarcity

Competition

Profit Motive

Entrepreneur

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A cognitive bias that causes people to value items that they own more highly than they would if they did not belong to them

Confirmation bias
Endowment effect
Sunk cost fallacy
Availability heuristic

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?