Economics Unit 1 Vocabulary Quiz

Economics Unit 1 Vocabulary Quiz

12th Grade

20 Qs

quiz-placeholder

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Economics Unit 1 Vocabulary Quiz

Economics Unit 1 Vocabulary Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Michele Mangano

Used 2+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is defined as something essential for survival?

Want

Goods

Services

Need

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to something that people desire but that is not necessary for survival?

Need

Goods

Want

Services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the physical objects that someone produces known as?

Services

Need

Goods

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the actions or activities that one person performs for another?

Goods

Want

Need

Services

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What principle states that limited amounts of goods and services are available to meet unlimited wants?

Scarcity

Economics

Need

Want

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people seek to satisfy their needs and wants by making choices called?

Economics

Goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which situation do consumers want more of a good or service than producers are willing to make available at a particular price?

Shortage

Scarcity

Need

Want

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