Scarcity & Opportunity Cost Worksheet
Authored by Terry Walker
others
12th Grade
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the gap between limited resources and unlimited wants and needs?
Opportunity cost
Scarcity
Economy
Trade-off
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term refers to the essential requirements for human life?
Desire
Need
Compensation
Opportunity cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What concept involves sacrificing one option for another?
Need
Trade-off
Scarcity
Economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the study of how people use resources?
Economics
Scarcity
Trade-off
Need
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one reason why economics is important according to the text?
It helps you make uninformed decisions.
It helps you understand the difference between a need and a want.
It makes you suspicious of everything.
It decreases your standard of living.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a "want"?
Shelter
Food
Latest iPhone
Clean water
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a service?
Gasoline
Dentist
Furniture
Hulu
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