
(ECO) Ch.1 Vocabulary
Authored by miguel rivera
Social Studies
12th Grade
Used 8+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the fundamental economic problem that arises due to limited resources and unlimited human wants?
Production possibilities curve
Capital good
Scarcity
economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term refers to goods that are used for a long period and can withstand repeated use over time?
Durable good
Non durable good
Consumer good
Capital good
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the resources used to produce goods and services called?
Economic interdependence
Capital good
Entrepreneurs
Factors of production
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the measure of the total value of all goods and services produced by a country in a specific time period?
Standard of living
Gross domestic product
Economic growth
Human capital
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Who are individuals who start new businesses, introduce new products, and improve management techniques called?
Laborers
Entrepreneurs
Capitalists
Consumers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics, what is the term for the next best alternative that must be given up when a choice is made?
Opportunity cost
Consumerism
Economic model
Cost-benefit analysis
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the term for the situation where some necessities have little monetary value, while some non-necessities have a much higher value?
Standard of living
Economic scarcity
Consumer good
Paradox of value
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