Ch1P1 Intro to Economics and Scarcity
Authored by Seth Dunlap
Social Studies
9th Grade
Used 18+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic term for the lack of adequate resources to obtain unlimited wants?
Abundance
Scarcity
Surplus
Shortage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason for scarcity of resources?
Limited human wants
Unlimited human wants
Abundant resources
Equal distribution of resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between 'rare' and 'scarce' in economics?
In order for something to be scarce and not rare, someone must be wanted by someone.
In order for something to be rare and not scarce, someone must be wanted by someone.
Rare implies that there is only a little trouble obtaining the thing, scarce means there is almost none.
As far as the study of economics, there is no difference betweeen the terms rare and scarce
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main factor that determines the cost of a scarce item?
The ammount of the item demanded
How hard the item is to find and produce more of
How large the item is
How much it costs to make more of the item
How safe the item is to use
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary way individuals and governments deal with scarcity?
By raising taxes on the people who make the goods
By distracting people who are not able to have the resources once they are gone
By making the scarce items illegal
Making choices as to who gets the scarce goods or services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term best matches this definition?
"To distribute according to a plan or with purpose..."
Allocate
Withhold
Scarcity
Shortage
Misappropriate
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term best matches this definition?
"Physical items that are bartered or sold, something you can touch.."
Good
Service
Entrepreneurship
Shortage
Exotic Tropes
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