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Economics Unit 1 Review

Authored by Rodney Burdette

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12th Grade

Used 4+ times

Economics Unit 1 Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic products designed to satisfy people's wants and needs are called _________.

goods

services

resources

capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentence: The _______ of a CD player can be expressed in dollars and cents.

value

weight

color

brand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentences: Haircuts, repairs to home appliances, and entertainment are examples of _________?

services

goods

products

commodities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentences: _______ arises because society does not have enough resources to produce all the things people would like to have.

scarcity

abundance

inflation

wealth

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentences. The _______ of going to a football game instead of working would include the money not earned at your job.

opportunity cost

profit

revenue

investment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentence: _______ is the sum of the skills, abilities, health, and motivation of people.

human capital

physical capital

natural resources

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Write the key term that best completes the following sentence: _______ is another name for the capacity of a product to be useful.

utility

price

brand

weight

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