Limited quantities of resources to meet unlimited wants
SS State Testing: Economics Vocabulary

Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Heather Simmons
Used 6+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
surplus
supply and demand
socialism
scarcity
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Part of economics that studies the economy as a whole and how choices are made on a national, regional, and global basis
Macroeconomics
Microeconomics
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Using resources in a way that maximizes the production of goods and services
equity
efficiency
consumption
distribution
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Place where goods and services are bought and sold
Factor Market
Product Market
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Cost of producing one more unit of a good
Equilibrium Price
Production Cost
Marginal Cost
Gross Cost
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Motivating factors that influence choices
Cost of living
Budgets
Goals
Incentives
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economic system characterized by central planning and government allocation of resources
Command
Market
Mixed
Traditional
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