SSEF Formative 1 Quiz

Define scarcity in economic terms.

• The condition where resources are abundant and can meet all wants.

• The condition where unlimited wants exceed limited productive resources.

• The condition where wants are limited and resources are unlimited.

• The condition where resources are equally distributed among all individuals.

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DOK Level 1: Recall

Which of the following is an example of a natural resource?

• A factory building

• A software engineer

• A forest

• An entrepreneur

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DOK Level 1: Recall

Explain why scarcity forces individuals and societies to make choices.

• Because resources are unlimited and can satisfy all wants.

• Because resources are limited and cannot satisfy all wants.

• Because wants are limited and resources are unlimited.

• Because resources are equally distributed among all individuals.

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DOK Level 2: Skill/Concept

Identify which of the following is an example of human capital.

• A piece of machinery

• A worker's education and skills

• A plot of land

• A business owner's investment

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DOK Level 1: Recall

Discuss how the concept of scarcity impacts economic decision-making.

• Scarcity has no impact on economic decision-making.

• Scarcity forces individuals and societies to prioritize their needs and wants.

• Scarcity ensures that all resources are used efficiently.

• Scarcity leads to the equal distribution of resources.

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DOK Level 3: Strategic Thinking

Which of the following best describes physical capital?

• The natural resources used in production

• The skills and knowledge of workers

• The machinery and equipment used in production

• The entrepreneurial ability to start a business

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DOK Level 1: Recall

Analyze the role of entrepreneurship in the economy.

• Entrepreneurship has no significant role in the economy.

• Entrepreneurship involves the creation of new businesses and innovations.

• Entrepreneurship is solely about managing existing businesses.

• Entrepreneurship is only about investing in physical capital.

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DOK Level 2: Skill/Concept

Compare and contrast natural resources and human resources in terms of their roles in production.

• Natural resources and human resources are the same and have identical roles in production.

• Natural resources are the raw materials used in production, while human resources refer to the labor and skills of workers.

• Natural resources are more important than human resources in production.

• Human resources are more important than natural resources in production.

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DOK Level 2: Skill/Concept

What will probably happen if something people want to buy is scarce?

• The price will go up.
• The price will go down.
• You will be able to get it for free.

Which is an example of investment in human capital?

• trucks
• factories
• education
• highways