
Econ Systems
Quiz
•
Social Studies
•
10th Grade
•
Hard
Michael Prettyman
Used 4+ times
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of ECONOMICS?
the study of how the brain works and causes human behavior
the study of how government functions and ways that citizens can participate
the study of how people make choices to satisfy their wants and needs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What economic factor means that there is NOT ENOUGH of a product available for a buyer?
capital
scarcity
labor
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jim realized that to attend a college that costs $30,000, he would have to sacrifice a lot of time that he spends with his girlfriend in order to get A's and B's. What is Jim's OPPORTUNITY COST?
Getting A's and B's
his future job
time with his girlfriend
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A costomer wants to buy a new Tesla. Although the car will be more expensive, it will be more reliable and faster than a less expensive car. Which term describes this economic choice?
supply
scarcity
trade-off
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy, who decides how resources are used and given out?
the government
consumers and producers
tradition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best describes the concept of scarcity?
limited wants and limited resources
unlimited wants and unlimited resources
limited wants and unlimited resources
unlimited wants but limited resources
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the NATURAL RESOURCES used to make goods and services called?
LAND
Human Capital
LABOR
Physical Capital
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