Unit 1 - Introduction to Economics
Authored by Michael Addison, Jr.
History
12th Grade
Used 1+ times
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an item that we desire but that is not essential to survival
Want
Need
Goods
Scarcity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sacrificing one good or service to purchase or produce another
Trade Off
Revenue
Trade offs
Durable Good
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a physical item that is produced and can be weighed or measured
Good
Values
Need
Service
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: work that is performed for someone
Durable Good
Good
Service
Labor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: Basic requirement for survival
Goods
Service
Good
Need
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: the most desirable alternative given up as the result of a decision
Opportunity Cost
Scarcity
Capital
Economics
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: item that wears out, is used up, or lasts for fewer than three years when used regularly
Capital Good
Service
Consumer Good
Non-Durable Good
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