What are Limited Means that consumers have?
Economics - 1.1 Choice/Values Revision

Quiz
•
Business
•
11th Grade
•
Medium
Hamish Hay
Used 6+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
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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