Vocabulary ECON Final Exam
Authored by Nicole Anne De Almeida
Social Studies
12th Grade
Used 1+ times
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77 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something that we desire to have
want
need
resource
scarcity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
anything that is used to produce goods or services
want
need
resource
rationing device
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the condition in which our wants are greater than the resource available to satisfy them
scarcity
opportunity cost
rationing device
trade off
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the most highly valued opportunity or alternative given up when a choice is made
opportunity cost
trade off
scarcity
rationing device
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a situation in which having more of one thing necessarily means having less of something else
trade off
resource
opportunity cost
cost benefit analysis
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a graphic representation of all possible combinations of two goods that an economy can produce
production possibilities frontier
economics
trade off
resource
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the science that studies the choices of people trying to satisfy their wants in a world of scarcity
economics
production possibilities frontier
theory
entrepreneurship
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