Economics Chapter 1 Test

Match the definition with the correct term: effort a person devotes to a task for which he or she is paid is called ...

• opportunity cost

• labor

• capital

Match the definition with the correct term: value of the best alternative not chosen is the ...

• scarcity

• opportunity cost

• labor

limited quantities of resources to meet unlimited needs and wants is ..

• scarcity

• opportunity cost

• labor

natural resources used to produce goods and services is ...

• land

• labor

• capital

• production

man-made resources used to make other goods or services

• land

• capital

• production

the study of the choices people make to satisfy their unlimited needs and wants with limited resources is ...

• economics

• psychology

• human behavior

Match the definition with the correct term: something you must have to survive is a ...

• cost

• want

• need

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.7.2

Match the definition with the correct term: something we desire, but is not necessary for survival is a ..

• benefit

• want

• need

When you choose between two possible uses for a resource, giving up one alternative for another is called a ...

• trade off

• marginal benefit

• marginal cost

Physical objects you can buy are called ...

• goods

• land

• services