
Economics Unit 1 Test Foundations
Authored by Portia Studenroth
Social Studies
12th Grade

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9 questions
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1.
MATCH QUESTION
1 min • 1 pt
Match
people who start businesses
Entrepreneurs
what is given up when making a choice
Cost Benefit Analysis
Physical items created for selling
Opportunity Cost
Actions or activities done for buyers
Goods
listing out the pros & cons of a choice
Services
2.
MATCH QUESTION
1 min • 1 pt
Match
What you spend when you make a choice
scarcity
Study of how people make choices to meet
Economics
What you gain when you make a choice
tradeoffs
What is given up when you make a choice
benefits
All resources are in limited supply
costs
3.
MATCH QUESTION
1 min • 1 pt
Match
something that motivates you to act
factors of production
land, labor, capital
inputs
goods and services produced by inputs
incentives
resources used to make a product
outputs
Considering benefit of one unit
thinking at the margin
4.
MATCH QUESTION
1 min • 1 pt
match
Human capital and physical capital
physical capital
Expertise skills & knowledge of laborers
capital
All natural resources
land
Effort and time put into producing somet
labor
Man-made machines, and tools used
human capital
5.
MATCH QUESTION
1 min • 1 pt
match the types of economies
all decisions made by the government
Traditional
decisions made by individuals & govern.
Free Market
uses customs to determine what is made
Command
no government intervention at all
Mixed
6.
DROPDOWN QUESTION
1 min • 1 pt
7 Principles of Economics:
1. (a) Forces Tradeoffs
2. (b) vs. Benefits
3. Thinking at the (c)
4. (d) Matter
5. Trade Makes People Better Off
6. Markets Facilitate Trade
7. (e) Consequences Matter
7.
DROPDOWN QUESTION
1 min • 1 pt
7 Principles of Economics
1. Scarcity Forces Tradeoffs
2. Costs vs. (a)
3. (b) at the Margin
4. Incentives Matter5. (c) Makes People Better Off
6. (d) Facilitate (e)
7. Future Consequences Matter
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