
Econ Chapters 1 and 2

Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard
Forrest Carlson
Used 4+ times
FREE Resource
27 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
refers to individuals ability to start new businesses, to introduce new products and techniques and improve management in existing businesses
entrepreneurship
capital
factors of production
technology
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Things used to produce goods and services are called
opportunity cost
factors of production
technology
capital
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the four factors of production that are used to create goods and services? Select all that apply
land
labor
capital
entrepreneurship
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The next best alternative that had to be given up for the alternative that was chosen is called
production possibilities
opportunity cost
max opportunity
cost-benefit analysis
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the study of how individuals and nations make choices about how to use scarce resources to fill their wants and needs is called
Production possibilites
Scarcity
economic markets
Economics
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
people do not have enough money, time, or resources to satisfy every desire. This is known as
not enough time
scarcity
equal opportunity
trade offs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
all the combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
Production totals
Production possibilities
opportunity cost
trade offs
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