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Unit 1 - Introduction to Economics

Authored by Michael Addison, Jr.

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12th Grade

Used 1+ times

Unit 1 - Introduction to Economics
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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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Microsoft

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