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SSEF 1 Vocabulary and Review

Authored by Sarita Griggs

Social Studies

12th Grade

Used 3+ times

SSEF 1 Vocabulary and Review
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13 questions

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1.

MATCH QUESTION

1 min • 1 pt

Match the following

Trade-offs

Basic problem that Economics addresses and is the condition where unlimited needs and wants exceeds the limited resources.

Needs

Those things we don’t have to have to survive but would like to have. 

Wants

  All the things we give up when we make a decision.

Economics

The study of how individuals, businesses and governments satisfy their needs and wants.

Scarcity

Those things necessary for survival.

2.

MATCH QUESTION

1 min • 1 pt

Match the following

Motivates individuals, businesses

Services

Opportunity Cost

The most desirable thing we give up when we make a decision.

Things you want that you can touch, such

Rational decision-making occurs when benefits outweigh the costs.

Thinking at the Margin

Goods

This is an action that someone does for

Incentives

3.

MATCH QUESTION

1 min • 1 pt

Match the following

Land, Labor, Capital, entrepreneurship

Land

people willingly trade one item for anot

Factors of Production    

specific jobs to different employees

Voluntary Exchange

assigned a specific task

Specialization

Any natural resource used to produce a g

Division of Labor

4.

MATCH QUESTION

1 min • 1 pt

Match the following

Any man-made tool used to produce prod

Human Capital

Knowledge and skills

Entrepreneurship

person takes risks

19.  Physical Capital

Paid workers

Capital

Man-made tools that help produce a good

Labor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.           Scarcity refers to the situation in which there is a/an _____________ amount of resources to meet __________ wants.

large, small

specific, various

limited, unlimited

diverse, unique

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lotteries, contests, and merit are all methods commonly used to

allocate scarce resources

collect taxes

improve productivity

invest in education and technology

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The resources used to produce a good or service are called

goods and services

needs and wants

factors of production

all of the above

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