The social science that studies how society allocates its scarce resources is
Unit 1: Intro to Economics

Quiz
•
History
•
12th Grade
•
Medium
Karen Hyland
Used 21+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity Cost
Economics
Scarcity
Capitalism
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the 3 questions that must be asked in Economics to determine what type of economy a country has? SELECT 3 ANSWER CHOICES
What is being produced?
How are you producing it?
Who will receive it?
What are the costs of the products?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something you must have in order to survive or function in society.
service
product
want
need
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anything that is not a need.
need
good
want
service
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Selecting an item or action from a set of possible alternatives.
want
choice
need
desire
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The choice you have to make between two options given limited resources and the ability to only choose one.
cost
trade off
benefit
opportunity cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You have two hours before bed. Your choices are to watch Netflix or study for your test tomorrow. What is this an example of?
trade off
want
need
opportunity cost
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