What is scarcity in economic terms?
The Economic System 2

Quiz
•
History
•
12th Grade
•
Medium
Hesham Ibrahim
Used 20+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Abundance of resources
Lack of a particular resource
Both A & B
None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do business owners need and usually compete for in a market economy?
Government support
Resources
Social programs
Military contracts
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the desire to make money in a market economy?
Competition
Scarcity
Profit motive
Command economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
___________ is an economic system in which the productive resources-farms, factories, machines, and so on-are owned by private citizens.
Communism
Capitalism
Both A & B
None of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system allows for the most individual freedom in economic decision-making?
Traditional economy
Command economy
Free Market economy
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What motivates individuals to provide goods and services in a market economy?
prizes
Profit motive
Social responsibility
presents
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
(A) ____________ is a situation in which a single company or entity controls the entire market for a particular good or service.
communism
capitalism
monopoly
All of the above
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