ECON Pre-Final; Selected Topics

ECON Pre-Final; Selected Topics

12th Grade

23 Qs

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ECON Pre-Final; Selected Topics

ECON Pre-Final; Selected Topics

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Justin Wood

Used 8+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do all societies have to make decisions about how resources will be used?

People are greedy

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is defined as a limited supply of resources and...

limited wants for those resources

unlimited resources

limited resources

unlimited wants for available resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are all societies forced to do because of scarcity?

Make production decisions

Conserve resources

Limit resource use

Charge large amount of money for available resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are resources in their natural state such as oil, natural gas, coal, trees.

land/natural

labor/human

capital

entrepreneurship

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These resources such as money, tools, and equipment needed for production of products or services.

land/natural

labor/human

capital

entrepreneurship

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These resources are employees of the business.

land/natural

labor/human

capital

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the individual who takes the risk with time and money of owning and operating the business.

land/natural

land/human

capital

entrepreneurship

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