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Econ 1.3

Authored by Felicity Debacco-Erni

Social Studies

12th Grade

Used 5+ times

Econ 1.3
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Quality of life based on ownership of necessities and luxuries that make life easier.

Scarcity

Trade off

Alternative

Standard of Living

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 Way of thinking that compares the cost of an action to its benefit.

Opportunity Cost

Cost Benefit Analysis

Need

Assumption

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making choices, the second of two choices is called.

Market

Alternative

Cost-Benefit Analysis

opportunity cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something that we would like to have but is not necessary for survival.

Want

Service

Market

Assumption

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Meeting place or mechanism allowing buyers and sellers to come together.

Standard of Living

Market

Free Enterprise Economy

Alternative

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of the next best alternative use of money, time, or resources when one choice is made over   another choice.

Opportunity Cost

Free Enterprise Economy

Assumption

Want

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something taken for granted.

Market

Service

Assumption

Free Enterprise Economy

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