Which word is best defined as "the study of how we manage (by making choices) our resources to satisfy the economic problem (scarcity)"?
HSHS 8ECON - 5. Overview of Key Concepts

Quiz
•
Social Studies
•
8th Grade
•
Medium
M.W. Evans
Used 8+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
scarcity
business
economics
needs and wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call the problem that we have unlimited needs and wants but limited resources?
opportunity cost
scarcity
greed
economics
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Australia exports iron ores and imports a lot of machinery. What would this be known as?
scarcity
taxation
buying and selling
trade
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Firms rely on households for labour. Households rely on firms for income. What is this kind of relationship called?
independence
circular matrix
interdependence
economic problem
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"The way we distribute our scarce resources among producers. It also refers to the way we then distribute scarce goods or services among consumers is called...."?
economic performance
specialisation
trade
allocation of markets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these can be used to measure how well a country's economy is doing?
Gross National Product (GDP)
inflation
unemployment levels
all of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Stronger economic performance usually leads to higher living standards.
true
false
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