Economics Vocabulary Quiz
Authored by Cathleen Bartels
Life Skills
12th Grade
Used 5+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the study of how people use resources to satisfy their needs and wants?
Scarcity
Economics
Capital
Income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the limited nature of society's resources?
Resources
Capital
Scarcity
Income
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines something used to produce goods and services?
Resources
Opportunity Cost
Income
Delayed Gratification
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for financial assets or the financial value of assets, such as cash?
Human Capital
Capital
Income
Scarcity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the cost of the next best alternative when a decision is made?
Cost/Benefit Analysis
Opportunity Cost
Unintended Consequences
Delayed Gratification
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of comparing the costs and benefits of a decision?
Cost/Benefit Analysis
Scarcity
Human Capital
Income
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