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Economic Wants

Authored by John Robinson

Social Studies

12th Grade

Economic Wants
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

Economics

Supply and Demand

Capitalism

Personal Finance

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money

by making choices

by stealing

by setting a budget

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Market 

Tradeoff

Scarcity 

Equity 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.

Economics

Trade-Off

Choice

Scarcity

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of how people use their scarce resources to satisfy their unlimited wants.

Scarcity

Economics

Microeconomics

Macroeconomics

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term for the desire for goods and services that are not necessary for survival but are desired for comfort and pleasure?

A) Economic Wants

B) Basic Needs

C) Scarcity

D) Resources

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an example of an economic want?

A) Water

B) Shelter

C) Smartphone

D) Food

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