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Basic Economic concepts

Authored by Oliver Tingey

Business

6th - 12th Grade

Used 5+ times

Basic Economic concepts
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition for scarcity?

When we don't have enough of something

Lack of stock

When a person has limited means and unlimited wants

Shortage of products

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are our four limited means?

Skills, income, time and whanau

Our resources

Money income and time

Our money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition for values?

Important things

What we like to buy

Our core beliefs that influence our economic decisions

Needs and wants

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The cost of the next best alternative foregone

The total cost of all alternatives

The amount of money spent on a choice

The value of all resources used

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a need?

Something essential for survival

Something we desire

Something we can live without

Something that is nice to have

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a want?

Something essential for survival

Something we desire but can live without

Something that is mandatory

Something that is a necessity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a good?

Something that is produced and can be touched

Something that is intangible

Something that is a service

Something that is a necessity

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