Ch.1 Sec.1 - Scarcity

Ch.1 Sec.1 - Scarcity

12th Grade

10 Qs

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Ch.1 Sec.1 - Scarcity

Ch.1 Sec.1 - Scarcity

Assessment

Quiz

History

12th Grade

Practice Problem

Hard

12.1.1

Standards-aligned

Created by

Marcene Feenstra

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A need is fulfilled by

video games
food
jewelry
movie tickets

Tags

12.1.1

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people choose to use scarce resources to satisfy their wants

choice
economics
entrepreneurship
scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are wants?

things, such as food or clothing, that are necessary for survival
desires that can be satisfied by consuming a good or service
the physical objects that can be purchased for personal use
the lack of resources needed to meet human desires

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why must people make choices about the things they desire?

Producers use the same resources to make different kinds of items.
Wants are ever changing, so people must substitute new items for old ones.
People must satisfy their needs first because they cannot afford to satisfy all their desires.
People's wants are unlimited, but the resources available to satisfy them are scarce.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ongoing tension of not having enough resources to meet human wants is called

need
shortage
scarcity
surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Into what four categories do economist divide factors of production?

land, labor, capital, and entrepreneurship
land, labor, money, and entrepreneurship
resources, labor, capital, and entrepreneurship
resources, labor, money, and entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical products that can be purchased are called

bonds
services
stocks
goods

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