
History test
Quiz
•
Business
•
11th Grade
•
Practice Problem
•
Easy
Catalina Duque
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62 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition of Economics
Study of how ppl use scarce resources 2 satisfy wants
Inputs can be transformed into goods/services
Highest valued alt given up as a result of making a choice
Encourages diff behaviors/choices
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Def of Resources
Items/resources you must have 2 live
Items/services wanted but can live w/o
Encourages diff behavior/choices
Inputs transformed in2 good/service
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity
Focus on producing goods/services within limited area if expertise
Condition btwn unlimited wants/needs + the limited resources available 2 satisfy them, requiring choices 2 b made
Buyers/sellers willingly trading goods, services, effort, money with expectation of being better off than before
Encourages diff behaviors/choices
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity Cost
Inputs transformed in2 goods/services
Making rational choices by weighing benefits/costs, including opportunity cost
Highest valued alt given up bc of a choice
Study how ppl use scarce resources 2 satisfy wants.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Incentives
Encourages diff behaviors/choices
Inputs transformed in2 goods/services
Condition btwn unlimited wants/needs and the limited resources available 2 satisfy them, requiring choices
Items/services you must have in order to live
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic Reasoning
Making rational choices by weighing benefits/costs, including opportunity cost
Focus on producing goods/services within limited area of expertise
Condition btwn unlimited wants/needs + the limited resources available 2 satisfy them, requiring choices 2 b made
Items/resources you must have 2 live
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Needs
Condition btwn unlimited wants/needs + the limited resources available 2 satisfy them, requiring choices 2 b made
Study of how ppl use scarce resources 2 satisfy wants
Items/services wanted but can live w/o
Items/resources you must have 2 live
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