
Understanding Basic Economic Concepts

Quiz
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Other
•
7th Grade
•
Medium
KOI HENRY
Used 1+ times
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20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
define scarcity
Scarcity is the economic principle that all resources are infinite.
Scarcity is the condition where resources are limited and cannot meet all human wants.
Scarcity refers to an abundance of resources available to meet human wants.
Scarcity is the situation where resources are evenly distributed among all individuals.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does scarcity lead to choice?
Scarcity allows individuals to have unlimited resources.
Scarcity leads to choice by forcing individuals to prioritize their limited resources among competing wants.
Scarcity encourages people to ignore their wants and needs.
Scarcity eliminates the need for choice altogether.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define opportunity cost in your own words.
Opportunity cost is the amount of money spent on a chosen option.
Opportunity cost is the value of the best alternative that is not chosen when a decision is made.
Opportunity cost refers to the time taken to make a decision.
Opportunity cost is the total cost incurred when making a decision.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of opportunity cost in daily life.
Choosing to watch TV instead of studying for an exam.
Opting to take a nap instead of finishing a work project.
Deciding to read a book instead of playing video games.
Choosing to eat lunch instead of going for a run.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four factors of production?
Finance, Resources, Labor, Production
Raw Materials, Services, Trade, Innovation
Water, Technology, Management, Marketing
Land, Labor, Capital, Entrepreneurship
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does land contribute to production?
Land is only useful for housing and urban development.
Land contributes to production by providing space, resources, and ecosystem services essential for agriculture and industry.
Land does not play a role in industrial production.
Land is primarily used for recreational purposes.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does labor play in the economy?
Labor plays a crucial role in the economy by providing the workforce needed for production and services.
Labor is solely responsible for economic recessions.
Labor has no impact on technological advancements.
Labor is only important in agricultural sectors.
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