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Econ Unit 1 Review: Scarcity & the Science of Economics
Authored by Adam Holland
Social Studies
10th Grade
Used 7+ times
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15 questions
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1.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
What is the fundamental economic problem facing all societies today?
(a)
2.
CATEGORIZE QUESTION
3 mins • 1 pt
Match the following "Needs" and "Wants" into the correct categories:
Groups:
(a) Needs
,
(b) Wants
Clothing
Car
Shelter
Food
Internet Access
Cell Phone
3.
DRAG AND DROP QUESTION
1 min • 1 pt
Economic products are divided into two categories. Any useful/tangible item that can satisfy a want or need is known as a (a) . Work that is performed (intangible) for someone is called a (b) .
4.
MATCH QUESTION
1 min • 1 pt
Match the different types of "Goods" to their correct definition.
Used to make other goods/services
Consumer Good
Will last 3+ years
Nondurable Good
Will last less than 3 years
Durable Good
Intended for final use by individuals
Capital Good
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Economist Adam Smith, what are the two things something needs to have monetary value?
Opportunity Cost & Usefulness
Scarcity & Utility
Wealth & Scarcity
Utility & Capital
6.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
What does TINSTAAFL stand for?
(a)
7.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
What is the value of the next best alternative/choice in an economic decision?
(What do you call what you gave up?)
(a)
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