
Scarcity and Choice
Authored by Adam O'Driscoll
Business
2nd Grade

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7 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is Economics?
Economics is a Social Science that studies how people with limited resources make choices in order to satisfy their needs and wants.
Economics is a Social Science that studies how people with infinite resources make choices in order to satisfy their needs and wants.
Economics is a type of Biology that studies how people with limited resources make choices in order to satisfy their needs and wants.
Economics is a Social Science that studies how people with limited resources make choices in order to satisfy their factors of production.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'scarce' mean?
too much
limited in supply
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a need?
Something we buy when we have extra money
Something we cannot live without
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 'financial cost'?
The thing we need
The price of the item we choose to buy.
The thing we want
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these items is categorized as a 'want'.
water
food
shelter
PS5
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these words best describes 'utility'
satisfaction
magnificent
rational
scarce
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is the correct 4 factors of production?
Land, Labour, European Union, Enterprise
Land, Football, Capital, Enterprise
Land, Labour, Capital, Enterprise
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