Economics - 1.1 Choice/Values Revision

Economics - 1.1 Choice/Values Revision

11th Grade

18 Qs

quiz-placeholder

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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

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