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Economics Basics

Authored by Jeff Donor

Social Studies

9th - 12th Grade

Used 1+ times

Economics Basics
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term we use to describe when there is not enough goods or services to satisfy our wants and desires?

Wants

Demands

Needs

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a want and a need?

Both involve things that are required to live, but needs are provided by the government.

A want involves something we desire, a need is something that is required to survive.

A want is something we already have and want more of, while a need is something we do not have, but desire it.

A need is something we have that others desire from us, while a want is the opposite of it.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the economic questions that economists try to answer?

Why is it being produced?

What will be produced?

How will it be produced?

For whom will it be produced?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the things that are needed to produced goods or provide services?

Opportunity Costs

Priors to Consumption

Factors of Production

Variables of Production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A factory worker would be an example of which factor of production?

Land

Labor

Entrepeneurship

Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The money and man-made resources to help you produce your goods would be a part of which factor of production?

Labor

Capital

Entrepreneurship

Wealth

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cost-benefit analysis?

When the consequences outweigh the benefits of an action.

An analysis that records how expensive an action will be.

An analysis where an employer evaluates whether a worker should be fired.

Where an individual weights the benefits and the consequences of an action.

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