
Unit 1: Lesson 2 - Economic Decision Making-Master Notes
Authored by Melissa Egner
Social Studies
11th Grade

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37 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main focus of economics as defined in the material?
The study of ancient civilizations
The science of choices and how we use scarce resources
The study of weather patterns
The science of animal behavior
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an example of a limited resource mentioned in the material?
Time
Money
Water
Land
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are goods and services considered scarce?
Because people do not want them
Because the resources needed to produce them are scarce
Because they are always free
Because they are easy to produce
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a shortage and scarcity according to the material?
Shortages are permanent, scarcity is temporary
Shortages are usually temporary, scarcity is forever
Both are temporary
Both are permanent
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT listed as a type of scarce resource (factor of production)?
Land
Labor
Capital
Technology
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of 'land' as a factor of production?
The machinery used in refining oil
Property for sale inside city limits
Number of chemical engineers in the US
Cash money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'labor' refer to in the context of scarce resources?
Only physical work
Only mental work
Human-provided labor, physical, mental, or both
Only machine work
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