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

Economic Scarcity & Vocabulary 10.1

Quiz
•
Financial Education
•
8th Grade
•
Medium
Samantha Smiley
Used 4+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
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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