Econ Unit 1 Vocabulary Practice

Quiz
•
Social Studies
•
12th Grade
•
Medium
Andrew Blair
Used 15+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of these are examples of goods?
Answer explanation
In economics, goods are physical products that can be bought and sold.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of these are examples of services?
Answer explanation
In economics, services are jobs that people do for someone else.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
We will always have to make choices about how to use our resources. This is because of the problem of ________.
economics
limited
scarcity
wants and needs
Answer explanation
Scarcity is the main problem in economics. We have unlimited wants and needs, but limited resources that we can use to meet our wants and needs.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shelter is a ________ for all humans.
Answer explanation
In economics, wants are things that we desire because they are nice to have, or make our lives better. Needs are things that we cannot survive without.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The system in which goods and services are produced, bought, and sold is known as ________.
economics
economist
the economy
scarcity
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
When I study the way that goods and services are produced, I am acting as an ___________.
Answer explanation
Economists are people who study economics.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economists know that people often have to make _______, or choose between different options.
resources
decisions
economics
limited
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