Economics Fundamentals Vocabulary

Economics Fundamentals Vocabulary

12th Grade

•

26 Qs

quiz-placeholder

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Economics Fundamentals Vocabulary

Economics Fundamentals Vocabulary

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Jeffrey HS]

Used 61+ times

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the study of scarcity and choice?

Economics

Inputs

Scarcity

Specialization

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the basic requirements for human survival?

Needs

Wants

Outputs

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Desires that can be satisfied by consuming a good or service are called?

Wants

Needs

Scarcity

Specialization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most desirable alternative given up as the result of a decision?

Opportunity Cost

Needs

Wants

Economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the additional benefit associated with an action?

Marginal Benefit

Wants

Specialization

Needs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An economic system in which the government controls a country's economy.

Command Economy

Traditional Economy

Free Market Economy

Mixed Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What methods do societies use to produce and distribute resources?

Economic Systems

Factors of Production

Human Resources

Voluntary Exchanges

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