Economics - 1.1 Choice/Values Revision

Economics - 1.1 Choice/Values Revision

11th Grade

18 Qs

quiz-placeholder

Similar activities

Economic Systems

Economic Systems

11th - 12th Grade

20 Qs

1.1 Intro to Business Management

1.1 Intro to Business Management

11th - 12th Grade

20 Qs

Entre Skills 3 and 4 Starting and Positioning Your Business

Entre Skills 3 and 4 Starting and Positioning Your Business

9th - 12th Grade

16 Qs

Standard 2: Taxes

Standard 2: Taxes

9th - 12th Grade

20 Qs

Enterprise JC1

Enterprise JC1

11th Grade

20 Qs

Chapter 1: Business & Economic Basics

Chapter 1: Business & Economic Basics

8th - 12th Grade

14 Qs

Chapter 5:  Global Economy Review

Chapter 5: Global Economy Review

9th - 12th Grade

20 Qs

Economics & Business: Is WalMart Good for America?

Economics & Business: Is WalMart Good for America?

7th Grade - Professional Development

20 Qs

Economics - 1.1 Choice/Values Revision

Economics - 1.1 Choice/Values Revision

Assessment

Quiz

Business

11th Grade

Medium

Created by

Hamish Hay

Used 6+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are Limited Means that consumers have?

Money, Time, Skill, and Knowledge

Food, Water, Clothing, and Shelter

iPhone, iPad, AirPods

Cheeseburger, Fries, Coke

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is a Need?

Thing’s individuals must have in order to sustain life, e.g., food, clothes, shelter, and water.

Thing’s individuals would like to have but are not necessary in order to survive, e.g., cars, phones, designer clothes.

Income (money or wealth), time, skill, and knowledge.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is a Want?

Thing’s individuals must have in order to sustain life, e.g., food, clothes, shelter, and water.

Thing’s individuals would like to have but are not necessary in order to survive, e.g., cars, phones, designer clothes.

Income (money or wealth), time, skill, and knowledge.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is Scarcity?

The economic term that describes the condition of limited resources relative to wants.

The economic term that relates to a decision between alternatives.

The next best alternative forgone when a decision is made. It is the real cost of any decision and is the other good/service that could have been produced with the same resources.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is Choice?

The economic term that describes the condition of limited resources relative to wants.

The economic term that relates to a decision between alternatives.

The next best alternative forgone when a decision is made. It is the real cost of any decision and is the other good/service that could have been produced with the same resources.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is Opportunity Cost?

The economic term that describes the condition of limited resources relative to wants.

The economic term that relates to a decision between alternatives.

The next best alternative forgone when a decision is made. It is the real cost of any decision and is the other good/service that could have been produced with the same resources.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is a Consumer?

Individuals or households (a group of individuals) that consume (use) goods and services produced by producers (firms or businesses).

Any person or organisation that uses resources (natural, human or capital goods) to create goods and services.

Objects with a physical presence, tangible items, e.g., Timber

What someone does for you, e.g., Builder

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?