What is the study of how individuals and societies use scarce resources to fulfill wants called?
Economics Final Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Jessica Grizzle
Used 1+ times
FREE Resource
45 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Biology
Economics
Chemistry
Physics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Wants are desires satisfied by ________.
goods/services
money
time
effort
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity means:
There are enough resources to meet all wants.
Not enough resources to meet all wants.
All wants are satisfied.
Resources are unlimited.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the three basic economic questions?
What will be produced?
How will it be produced?
Where will it be produced?
For whom will it be produced?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land, labor, and capital are known as ________.
factors of production
means of transportation
types of government
forms of energy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity is the limited nature of resources. How does scarcity force choices?
It allows unlimited wants to be satisfied.
It forces people to make decisions about how to use resources.
It eliminates the need for decision-making.
It increases the availability of resources.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a trade-off and opportunity cost is:
Choosing to study instead of going out with friends, where the opportunity cost is the fun missed with friends.
Buying a new phone when your old one still works.
Eating breakfast in the morning.
Walking to school instead of taking the bus.
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