Econ Unit 1 Vocabulary Practice

Econ Unit 1 Vocabulary Practice

12th Grade

13 Qs

quiz-placeholder

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Econ Unit 1 Vocabulary Practice

Econ Unit 1 Vocabulary Practice

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

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?

Media Image
Media Image
Media Image
Media Image

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?

Media Image
Media Image
Media Image
Media Image

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.

need
want
service
good

Answer explanation

Media Image

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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