Economic Scarcity & Vocabulary 10.1

Economic Scarcity & Vocabulary 10.1

8th Grade

16 Qs

quiz-placeholder

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Economic Scarcity & Vocabulary 10.1

Economic Scarcity & Vocabulary 10.1

Assessment

Quiz

Financial Education

8th Grade

Medium

Created by

Samantha Smiley

Used 4+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

finding a new way to complete a task that makes it more efficient.

Technology

Labor

Capital

Innovation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

any tool that improves the efficiency of producing a good or service.

Innovation

Technology

Economics

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

The study of how people and groups use limited resources to meet unlimited wants and needs for goods and services

Economics

Scarcity

Capital Resources

Technology

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

an economic term that describes when the needs and wants of a person or group exceed the resources available to meet these needs and wants.

Economics

Scarcity

Human Resources

Innovation

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Good or service that is given up when making an economic choice

Economics

Scarcity

Technoloy

Opportunity Cost

6.

FILL IN THE BLANK QUESTION

1 min • 4 pts

____________ __________ are all the items that come together to create the final good or service.

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

In 2015, there was an overgrowth of algae in the Pacific Ocean. This algae produced a toxin that could be passed along to consumers eating crab. How did this overgrowth affect the sale of crab in California?

This overgrowth made crab sell faster at a lower price because they wanted to get rid of the bad crab so they could begin selling the healthy crab again.

People were fearful of becoming sick so they stopped buying crab even though the price of the good dropped.

Crab fishing was banned to protect consumers. This reduced the amount of crabs available in stores. Less crabs available made the price increase.

The algae did not change the amount or price of crabs available to the public in California.

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