Economics Study Guide Quiz
Authored by James Byrd
Social Studies
12th Grade
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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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