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Journal - 9/3 Unit 1 Lesson 1 Vocab

Authored by Paula Samal

Social Studies

9th Grade

Used 1+ times

Journal - 9/3 Unit 1 Lesson 1 Vocab
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes anything used to produce an economic good or service?

Resource

Product

Service

Commodity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of the workings of the economy as a whole?

Macroeconomics

Microeconomics

International economics

Development economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of the economy at the level of individuals, households, and businesses known as?

Macroeconomics

Microeconomics

International Economics

Development Economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What branch of economics uses value judgments to recommend actions or policies?

Positive Economics

Normative Economics

Microeconomics

Behavioral Economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the limited nature of society's resources?

Scarcity

Tradeoff

Benefit

Invisible hand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept is associated with the idea that individuals' pursuit of self-interest can lead to positive societal outcomes?

Invisible hand

Scarcity

Tradeoff

Incentive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the act of balancing different options to achieve the best outcome?

Scarcity

Tradeoff

Benefit

Costs-versus-benefits principle

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