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Basic Econ Terms

Authored by Sara Bivin

History

9th Grade

Used 3+ times

Basic Econ Terms
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

A) A situation in which the supply of something exceeds the want or need of it.

B) A situation in which the supply of something is not sufficient to satisfy the want or need of it.

C) A situation where there is an unlimited supply of resources.

D) A situation where wants and needs are fully met without any trade-offs.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do we experience Scarcity?

Because we have limited wants and unlimited resources.

Because resources are distributed equally among everyone.

Because we have unlimited wants, but limited resources.

Because we do not desire any resources.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are goods?

Activities done for us by others.

Physical objects produced for sale.

Ideas and concepts for sale.

Digital products available online.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are services?

Physical objects produced for sale.

Digital products available online.

Activities done for us by others, usually for compensation.

Ideas and concepts for sale.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What resources are necessary to produce goods and services?

Water

Land

Electricity

Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a resource used in the production of goods and services?

Land

Education

Health

Entertainment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key factor in the production of goods and services?

Labor

Technology

Information

Recreation

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