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Economics Study Guide Quiz

Authored by James Byrd

Social Studies

12th Grade

Economics Study Guide Quiz
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26 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is economics?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What is scarcity? Please give an example.

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

Differentiate between need and want.

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the four factors of production? Be able to define each and give an example.

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the paradox of value? Be able to give an example.

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

What is wealth? Be able to identify the four elements of it.

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What does TINSTAAFL stand for?

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