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Econ Unit 1: Week 1 Key Terms

Authored by Rachel Hammond

Social Studies

12th Grade

Used 24+ times

Econ Unit 1: Week 1 Key Terms
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Study of how an overall economy behaves

Microeconomics

  1. Cost-Benefit Analysis

Macroeconomics

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The gap between limited resources and theoretically unlimited wants

  1. Opportunity Cost

Scarcity

  1. Explicit Cost

  1. Negative Incentives

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Any situation where making one choice means losing something else

  1. Positive Incentives

  1. Explicit Cost

  1. Negative Incentives

  1. Trade-offs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Study of how individuals and companies make decisions

Microeconomics

  1. Cost-Benefit Analysis

Macroeconomics

Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The process used to measure the benefits of making a decision

Economics

  1. Cost-Benefit Analysis

  1. Positives Incentives

Scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. What you actually pay for something

  1. Explicit Cost

  1. Positives Incentives

  1. Implicit Cost

  1. Negative Incentives

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Punish people with money or a disadvantage for making certain choices and/or behaving a certain way

  1. Explicit Cost

  1. Positive Incentives

  1. Implicit Cost

  1. Negative Incentives

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