Unit 1 Intro to econ
Authored by Haechana Chelsea
Social Studies
12th Grade
Used 10+ times
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34 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Condition of having limited resources but unlimited wants....
Scarcity
Trade-off
Opportunity Cost
Cost-benefit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
are the businesses that produce goods, employ people and purchase goods...
Firms
Households
Factor market
Product Market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where the 4 factors of production are bought and sold...
Factor Market
Product Market
Government
Firms
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where firms sell their goods and services and people buy them...
Factor Market
Product Market
Government
Households
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Provides law and order, stability yet also provides goods and services...
Product Market
Factor market
Government
Firms
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The self-regulating nature of the market place. By pursuing his own interests, the individual promotes the interests of society: The Invisible Hand
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods provided to the govt to be used collectively by society...
Public goods
Private Goods
Economic equality
Economic equity
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