What does scarcity mean?
Economics

Quiz
•
History
•
8th Grade
•
Easy
Helen Benitez
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inability to satisfy all wants at the same time. All resources and goods are limited.
What is given up when a choice is made (the second-best alternative)
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A local shoe store had this sign in the window. This is an example of -
Incentive
Opportunity Cost
Price
Supply and Demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jennifer works at the local pizza parlor. She bakes the pizza crust and slices vegetables. Jennifer is an example of ______
a human resource
a natural resource
a capital resource
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jasmine has to decide between going to college and joining the workforce. What is the opportunity cost if she decides to go to college?
the amount of time she will have to study
the money she could have made in the workforce
the new people she will meet in college
the cost of college, books, and room and board
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is being defined as one where communities use simple tools and methods to harvest and hunt for food, often resulting in little economic growth?
Free Market
Traditional
Mixed
Command
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This type of economy has little or no involvement in the economy and is therefore just a theory.
Traitional
Command
Traditional
Free Market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of economic system does the United States have?
Free market
Mixed
Traditional
Command
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