Unit 1 Intro to econ

Unit 1 Intro to econ

12th Grade

34 Qs

quiz-placeholder

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Unit 1 Intro to econ

Unit 1 Intro to econ

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Haechana Chelsea

Used 10+ times

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34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Condition of having limited resources but unlimited wants....

Scarcity

Trade-off

Opportunity Cost

Cost-benefit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

are the businesses that produce goods, employ people and purchase goods...

Firms

Households

Factor market

Product Market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where the 4 factors of production are bought and sold...

Factor Market

Product Market

Government

Firms

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where firms sell their goods and services and people buy them...

Factor Market

Product Market

Government

Households

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Provides law and order, stability yet also provides goods and services...

Product Market

Factor market

Government

Firms

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The self-regulating nature of the market place. By pursuing his own interests, the individual promotes the interests of society: The Invisible Hand

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods provided to the govt to be used collectively by society...

Public goods

Private Goods

Economic equality

Economic equity

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