
Economics TEKS Unit 1
Authored by Josue Herrera
Social Studies
12th Grade
Used 7+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
Scarcity
Overproduction
Abundance
Excess
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Name the four factors of production.
water, air, fire, and earth
government, technology, education, and infrastructure
land, labor, capital, and entrepreneurship
money, goods, services, and resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define scarcity in the context of economics.
Abundance of resources in comparison to limited wants and needs
Equal availability of resources and wants and needs
Unlimited availability of resources in comparison to limited wants and needs
Limited availability of resources in comparison to unlimited wants and needs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of opportunity cost.
Value of the next best alternative given up
The cost of producing an additional unit of a good
The total cost of all available options
The cost of the chosen alternative
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the concept of scarcity relate to the factors of production?
Scarcity has no impact on the factors of production
Scarcity only affects the quantity of the factors of production
Scarcity only affects the price of the factors of production
Scarcity affects the availability and allocation of the factors of production.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different types of resources that contribute to production?
Labor resources, machinery resources, and technology resources
Water resources, air resources, and land resources
Intellectual resources, emotional resources, and spiritual resources
Natural resources, human resources, and capital resources
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the relationship between scarcity and choice.
Scarcity has no impact on choice
Choice has no impact on scarcity
Scarcity and choice are completely unrelated
Scarcity and choice are closely related as scarcity forces individuals and societies to make choices about how to allocate limited resources.
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