EPF Unit 1

The difference between scarcity and shortage is

• scarcity is a natural & re-occurring condition; shortage is a man-made condition

• shortage only happens with new products

• shortage is a natural & re-occurring condition; scarcity is a man-made condition

• shortage is the fundamental, universal economic problem

What is the primary focus of EPF Unit 1 in Social Studies?

• Economic principles

• Political systems

• Cultural diversity

• Environmental issues

Which of the following is a key concept in EPF Unit 1?

• Supply and demand

• Constitutional law

• World religions

• Climate change

EPF Unit 1 often discusses the role of what in the economy?

• Government

• Technology

• Religion

• Art

In EPF Unit 1, which economic system is primarily analyzed?

• Capitalism

• Socialism

• Feudalism

• Communism

What is a fundamental question addressed in EPF Unit 1?

• How do markets function?

• What is the role of the monarchy?

• How do ecosystems work?

• What are the causes of war?

Which of the following is a topic covered in EPF Unit 1?

• Market equilibrium

• Judicial review

• Cultural heritage

• Biodiversity

EPF Unit 1 includes discussions on which of the following?

• Consumer behavior

• International treaties

• Historical events

• Geographical features

What is a major theme in EPF Unit 1?

• Economic decision making

• Political revolutions

• Cultural assimilation

• Environmental conservation

Which principle is emphasized in EPF Unit 1?

• Opportunity cost

• Separation of powers

• Cultural relativism

• Sustainable development