
Economics Unit 2 Vocab
Authored by Derreck Hernandez
Social Studies
12th Grade
Used 6+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
condition that occurs when someone can produce goods and services cheaper than other producers.
Absolute Advantage
Supply
Scarcity
Comparative Advantage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
condition that occurs when someone can produce at a lower opportunity cost than other producers.
Absolute Advantage
Supply
Comparative Advantage
Opportunity Cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the total amount of goods and services consumers are willing to buy at various prices.
Consumers
Demand
Trade offs
Supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the price at which the quantity supplied in the market matches the quantity demanded in the market.
Socialism
Equilibrium Price
Supply
Specialization
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an arrangement that bring sellers and buyers together for economic transactions.
Market
Economic System
Demand
Pure Competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market.
Incentives
Absolute Advantage
Monopolistic Competition
Producers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a market structure characterized by one producer with a unique product and very high barriers to entry in the market.
Socialism
Monopoly
Oligopoly
Democracy
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?