CE 11a/12b Economic Concepts/Supply, Demand, & Equillibrium
Authored by Chelsea Lauck
Social Studies
7th - 8th Grade
Used 2+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition for Scarcity
Factors of production that are used in the production of goods and services
The inability to satisfy all wants at the same time
Selection of an item or action from a set of possible alternative
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition for Resources
The inability to satisfy all wants at the same time
Use of goods and services
Is what is given up when a choice is made (the second best alternative)
Factors of production that are used in the production of goods and services
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition for Choice?
The inability to satisfy all wants at the same time
Factors of production that are used in the production of goods and services
Selection of an item or action from a set of possible alternatives
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition for Opportunity Cost?
Is what is given up when a choice is made (the second best alternative)
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
The inability to satisfy all wants at the same time
Factors of production that are used in the production of goods and services
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of Production?
Use of goods and services
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
Selection of an item or action from a set of possible alternatives
Is what is given up when a choice is made (the second best alternative).
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of Consumption
Combining human, natural, capital, and entrepreneurship resources to make goods or provide services
The inability to satisfy all wants at the same time
Use of goods and services
Factors of production that are used in the production of goods and services
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Fill in the blanks for the quote " Because of _______, consumers, producers, and government decision makers are forced to make _______."
Problem
Scarcity
Choices
Wants
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